Don’t Lose Track of Your PERA Benefit
Did you know that your PERA account is earning interest—currently 3%—even though you no longer work for a PERA-covered employer? When you keep your account with PERA, the interest you’re earning helps increase the amount of your PERA retirement savings. Your lifetime PERA retirement benefit, which can be a stable source of retirement income, is waiting for you!
Here are some reasons to consider leaving your account at PERA:
- Continue building your benefit. If you return to work for a PERA-covered employer in the future, you will pick up where you left off and continue building your PERA benefit. If you roll over or refund your PERA account, you will have to start over if you return to work for a PERA-covered employer. If you never return to PERA-covered work, you will still be eligible for a monthly lifetime benefit when you are retirement eligible.
- Receive a monthly check. When you retire, you will receive a monthly check from PERA for the rest of your life. You can apply for retirement through your online PERA account. If you have questions about retirement, please contact our Customer Service Center at 800-759-7372.
- Plan for others. You might have someone else, like a cobeneficiary, that you want to receive your lifetime benefit when you pass away. You have the option to select a lower monthly PERA benefit for your lifetime to make sure they are taken care of.
- Keep your survivor benefits. If you earned five years of PERA service credit at your job before you left, you get another benefit: survivor benefits. If you were to pass away, PERA would provide a monthly benefit to your spouse when you would have been eligible, or a lump sum to your beneficiary(ies).
Act Now to Keep Your Benefit
Required Minimum Distribution (RMDs) are minimum withdrawals that the IRS requires from most retirement plan accounts every year once the account owner reaches a certain age. Your first RMD date depends on when you were born, and it is due by April 1 of the year after you reach the IRS-required age listed below. All future RMDs must be taken each year by December 1.
| If you were born before July 1, 1949 | You must take your first distribution by age 70½ |
| If you were born on or after July 1, 1949, but before January 1, 1951 | You must take your first distribution by age 72 |
| If you were born on or after January 1, 1951, but before January 1, 1960 | You must take your first distribution by age 73 |
| If you were born on or after January 1, 1960 | You must take your first distribution by age 75 |
PERA uses the State of Colorado’s Unclaimed Property Fund, also known as the Great Colorado Payback (GCP), to ensure compliance with RMD rules. In October of the year an inactive member who has not earned five years of service credit reaches RMD age, PERA will transfer accounts to the GCP.
To prevent this transfer, an inactive member should apply to begin a monthly benefit or refund their account before they reach the RMD age. Once an account is transferred to the GCP, members cannot receive a PERA lifetime monthly benefit. Inactive members may also have to claim the distribution on their tax filing.
You can learn more about RMDs and unclaimed property on the “Inactive Members” page on copera.org.
If you are approaching the Unclaimed Property transfer, PERA has contacted you. Review the information carefully to avoid having your account transferred to the GCP.
Log in to Learn More
One thing you can do to understand more about your PERA retirement income is through your PERA account. If you have never logged in before, follow these steps:
- Go to the Member Login/Registration page.
- Select “Register as a new user.”
- Complete the “New User Registration” information.
- Log in to your account with your newly created user ID and password.
Once you are logged in to your PERA account, select “Termination Options” on your account dashboard. From here, you can see when you are eligible to begin withdrawing your retirement income. You can also get a PERA benefit estimate.
Want to access your PERA account on the go? Download our free mobile app from the App Store (iOS) and Google Play Store (Android).
Use an Online Calculator
Through your online PERA account, you can use the Monthly Retirement Benefit calculator to estimate your monthly PERA retirement benefit. This calculator uses your employment and salary history to give you an accurate estimate.
Attend an Informational Webinar
Even if retirement is still far away, consider attending a Benefit Information Webinar (live or on demand). It gives a broad overview of the benefits you’ll receive in retirement. These webinars take less than an hour and are held several times a month.
Stay in Touch
Stay current with PERA news and information by subscribing to our blog, PERA On The Issues. You can also follow us on Facebook, Instagram, LinkedIn, and YouTube.
Be sure to update your preferred postal and email addresses on file to stay in touch with PERA and receive retirement news. You can update your contact information by logging in to your online PERA account and selecting “Update my profile.”
