The Idaho Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan established by the state of Idaho to provide financial security to its employees upon their retirement. This plan is designed to offer a fixed, predetermined benefit based on factors such as salary, years of service, and age, rather than relying on investment returns. Keywords: Idaho, Defined-Benefit Pension Plan, Trust Agreement, retirement plan, financial security, employees, fixed benefit, salary, years of service, age, investment returns. There are different types of Idaho Defined-Benefit Pension Plan and Trust Agreements, each catering to specific groups of employees. These variations ensure that the plan meets the diverse needs of Idaho's workforce. Some notable types include: 1. Idaho State Employee Pension Plan: This type of Defined-Benefit Pension Plan and Trust Agreement caters to state employees working in various departments, agencies, and institutions across the state. It offers retirement benefits based on their respective salaries, years of service, and age at the time of retirement. 2. Idaho Public Safety Pension Plan: Tailored specifically for public safety employees such as police officers, firefighters, and correctional officers, this Defined-Benefit Pension Plan and Trust Agreement recognizes the unique demands and risks associated with their professions. It ensures that these individuals receive appropriate financial support during their retirement. 3. Idaho Teacher Retirement System: Educators play a vital role in shaping Idaho's future, and this Defined-Benefit Pension Plan and Trust Agreement is specifically designed to meet the retirement needs of teachers and educational staff. It provides retirement benefits based on their salary, years of service, and age, thus acknowledging their dedicated contributions to the education sector. 4. Idaho Judicial Retirement System: Aimed at judges, magistrates, and other members of the judiciary, this Defined-Benefit Pension Plan and Trust Agreement ensures that Idaho's legal system retains experienced and knowledgeable professionals. It offers retirement benefits commensurate with their service and allows them to retire with financial stability. By tailoring the Idaho Defined-Benefit Pension Plan and Trust Agreement to different employee categories, Idaho ensures that each group receives the benefits and support they deserve. These plans contribute to the overall well-being of the state's workforce and enable employees to retire with confidence and peace of mind.
Idaho Defined-Benefit Pension Plan and Trust Agreement
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SEP and SIMPLE IRA plansYou can withdraw money from your IRA at any time. However, a 10% additional tax generally applies if you withdraw IRA or retirement plan assets before you reach age 59½, unless you qualify for another exception to the tax.
Although you would have exhausted everything you contributed, PERSI would continue to pay you $1,500 a month for the rest of your life, plus annual cost of living adjustments (COLAs) if approved by the Idaho Legislature.
The longer you work for PERSI employers, the greater your Base Plan retirement benefit will be. Although you may not remain a public employee your entire career, if you work for a PERSI employer and earn 60 months of service credit you will be vested to receive a lifetime benefit at retirement.
When you retire as a vested member, PERSI will pay you a benefit every month for as long as you live and, if you select a retirement option with a survivor benefit, your Contingent Annuitant will receive a lifetime bene- fit after your death.
The PERSI Base Plan is designed to provide pension benefits to career public employees. The longer you work for PERSI employers, the greater your Base Plan retirement benefit will be.
Being fully vested means a person has rights to the full amount of some benefit, most commonly employee benefits such as stock options, profit sharing, or retirement benefits.
Whether an active or inactive member, if you die after becoming vested and had named your spouse as your sole beneficiary, PERSI will offer your spouse the choice of a lump sum payment of your remaining contributions, plus inter- est, or a monthly allowance payable for life.
Enrollment in the PERSI Base Plan (pension) is automatic. Both you and your employer make contributions to PERSI. Your contributions are credited to your personal account, while employer contributions are pooled in a trust to cover benefits. The actual value of your benefit exceeds your contributions.
When you leave PERSI-covered employment, you may withdraw your Base Plan money and any interest earned or you may choose to leave your contributions and interest in PERSI until a future date or until you retire. If you withdraw your funds, tax penalties and withholdings may apply.