Retiring Soon? Here Are a Few Things You Need to Do
If you’re planning to retire this summer, keep in mind the deadlines below for submitting the necessary information so you can begin receiving your monthly PERA benefit.
Before You Retire
- Retirement Application: You must complete the online or paper form (found in the Retirement Process booklet) 60-90 days before your last day of employment. Select only one benefit option and review the differences between a named beneficiary and cobeneficiary.
- Direct Deposit by Electronic Funds Transfer (EFT) form: PERA must receive the online or paper form with your completed Retirement Application. This form ensures your monthly benefit is automatically deposited into your account.
- Federal Tax Withholding Form: You must complete the federal withholding form, IRS Form W-4P, by the 15th of the month your retirement is effective. If you do not complete the form, PERA is required by law to withhold federal income tax at a filing status of single with no adjustments.
- State Tax Withholding Form: You must complete the state withholding form by the 15th of the month your retirement is effective. If you live in Colorado, you will need to complete the online or paper Colorado State Withholding Form. If you do not complete the form, PERA will not withhold anything for state taxes.
Completed by Your Employer
- Final Salary Report: This will be completed and submitted by your employer before the 15th of the month your retirement is effective. This report details any items that may affect your final months of pay.
Optional
- PERACare Enrollment/Change Form: Complete the online or paper form (found on the “Member and Retiree Forms” webpage) to enroll in the PERACare health benefits program. PERA must receive your form no later than 30 days after your first benefit payment.
Retirement is an exciting step, and we want to make sure you’re prepared to step into this new chapter of life. If you have any questions, please contact our Customer Service team at 800-759-7372.
