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Federal
Limits on Benefits
Federal law imposes limits on the
annual amount of retirement benefits that retirees may receive from
retirement plans that qualify for tax-deferred status, like PERA. Internal
Revenue Code (IRC) Section 415(b) contains benefit limits designed to prevent
individuals from accruing excessive pension benefits on a tax-deferred
basis. PERA cannot pay any benefit amount in excess of these federally
imposed limits.
The
calculation of benefit limits specified in Section 415 is complicated and
besides the age at retirement, depends upon whether a retiree has any tax-paid PERA contributions, any service credit purchased with tax-paid money, the option selected, and other factors.
For more information on how this limit may affect
your future PERA retirement benefit, including age specific information, please review the
Internal Revenue Code 415(b) Limits fact sheet.
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