How many years can I buy in PERA?

Military Leave – If you are a public employee, go on a military leave and return to public service upon your discharge, you may purchase credit for any or all of your leave, up to a maximum of five years. To obtain credit, you must make your employee contribution.

Is Colorado PERA a lifetime benefit?

PERA monthly retirement benefits are payable for your lifetime and that of your cobeneficiary if you choose PERA Option 2 or 3 or DPS Option P2 or P3. You may also select a monthly retirement benefit under one benefit structure and refund under the other benefit structure.

What is Colorado’s retirement age?

You are eligible to receive a monthly retirement benefit when you reach age 65 or meet the age and service requirements listed on this fact sheet. For retirement benefit information, see the Colorado PERA website at www.copera.org and review the Your PERA Benefits and/or Retirement Process booklets.

Can you opt out of Colorado PERA?

A. You may leave your account with PERA for a future monthly benefit or do a rollover/refund of your account.

Can you buy back years of service?

You can purchase a maximum of two years of service credit even if the combined total of your educational leaves exceeds two years. You must be a state or California State University (CSU) employee both before and on your return from the leave.

What happens to my PERA if I get fired?

As a member of PERA, you have options when you leave public employment. If you are not vested and remain out of PERA service, you should apply for a refund within five years after your last member contribution was made. If you are vested, you may leave your money in PERA for a present or future pension.

What does Pera stand for in state of Colorado?

For those of you who are not from Colorado, PERA stands for Public Employment Retirement Association. It is a public pension plan for employees of the State of Colorado and public school teachers, similar to CalPERS, the public pension plan for California.

When do teachers get their pension in Colorado?

Colorado has a 5 year vesting period. While educators qualify for a pension after 5 years of service, the pension may not be worth all that much. Moreover, educators can’t begin to collect it until they hit the state’s retirement age.

How old do you have to be to retire with Pera?

PERA allows for employees to retire with a full benefit after reaching the age of 60 and meeting the “Rule of 90.” The Rule of 90 requires that the employee’s age plus their total years of service add up to at least 90. Thus, the earliest someone could retire with a full benefit would be at age 60, with 30 years of service.

When was the Colorado Teacher Retirement System established?

The system was established in 1931 and is the largest public retirement system in the state. The basic structure of Colorado’s teacher defined benefit (DB) pension is similar to that of other states.