TSA/DC Plans
RETIREMENT PLANNING
PERA RETIREMENT
Benefits of membership:
An excellent benefit plan that substitutes for Social Security.
A monthly contribution that is tax-deferred.
As of January 2011, employee and retiree contribution is 8% of gross salary. (No changes for 2012).
Contact PERA directly to increase service retirement benefit or retire sooner by purchasing service credit.
*This outline describes certain features of PERA retirement. It is not intended to be a complete description of covered benefits. If discrepancies exist, PERA plan documents will govern.
You must complete an enrollment form at time of hire and return it to the Payroll Office.
For more information contact PERA at 1-800-759-7372 or via the internet at www.copera.org.
IMPORTANT NOTES:
While PERA's mission is to provide members with retirement benefits, they also provide the following other benefits:
Monthly benefits to your qualified survivors if you die after one year of PERA service.
Disability coverage after you have five years of earned service credit.
A voluntary life insurance program in which you may participate immediately.
A voluntary 401(k) and a 457 plan in which you may participate immediately. (See below for more details.)
A voluntary long term care insurance program available to you and other family members.
401(k), 457 DEFERRED COMPENSATION PLAN, AND TAX SHELTERED ANNUITY (TSA) 403(b)
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Eligibility |
All employees are eligible to participate in the 401(k), 457, and TSA options immediately upon employment and at any time thereafter. Contact the Payroll Department for assistance at 719-579-2142. |
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Enrollment Process/Materials |
PERA 401(K) Contact PERA at 1-800-759-7372 or www.copera.org for enrollment materials. Complete the payroll deduction amount fory your 401(k) Plan Contribution via ePortal Self Serve. Your enrollment begins with your first contribution. A packet with information and options for investment selection will follow in the mail. State of Colorado 457 Deferred Compensation Plan Contact PERA at 1-800-759-7372 or www.copera.org for enrollment information prior to entering a payroll deduction. TSA 403(b) For new enrollment Contact an authorized vendor representative on the District vendor list. Changes to existing TSAs Complete the change via the ePortal Self Serve. Contact the vendor; they may require a new Salary Reduction Agreement. After-tax Roth investment option - available - see the information on the Employee Portal, Employer Forms
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Limits |
403(b) and 401(k) COMBINED <50 years of age $17,000 50 or older $22,500
457 IN ADDITION TO ABOVE <50 years of age $17,000 50 or older $22,500 |
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General Information |
The District assumes no responsibility for the viability, safety, financial stability or performance of the deferred compensation plans and authorized providers sponsored by the District and has not performed an investigation as to any such matters. The District will not provide investment performance analysis or advice to employees. Employees are encouraged to conduct their own investigation of the deferred compensation plans and the authorized providers. PERA 401(K) Additional savings toward your retirement can be made through PERA's 401(k) Plan, which offers multiple investment choices. Any active PERA member may enroll in the 401(k) Plan. Your contributions and earnings are tax deferred, i.e. you won't pay taxes on this income until you withdraw it from the Plan. PERA's 401(k) Plan also has loan and hardship withdrawal provisions. State of Colorado 457 Deferred Compensation Plan Additional savings toward your retirement can be made through the State of Colorado's 457 Deferred Compensation Plan. Any active HSD2 employee may enroll in the 457 Plan. They offer no 10% early withdrawal penalty (all distributions are subject to a mandatory 20% federal income tax withholding unless they are rolled over); managed services available, loans up to $50,000 or 50% of your total account balance and hardship provision are also available. Your contributions and earnings are tax deferred. Contact PERA for more information. TSA 403(b) The 403(b) Tax Sheltered Annuity (TSA) is yet another opportunity to save for retirement. You pay no Federal or State income taxes on your contributions until you begin withdrawing from your account at retirement (if you are at least 59 1/2 years old). For instance, if you contribute $50 per month, $600 per year is not taxed until withdrawn at retirement. The Roth 403(b) TSA is yet another opportunity to save for retirement. Contributions are made with after-tax dollars. When distributed, these contributions and their earnings will not be subject to federal income taxes (and possibly state income taxes) provided your Roth 403(b) account has been held for at least five years and one of the following qualifying events has occurred: age 59 1/2, disability or death. Loan and hardship withdrawal provisions are governed by the Plan document. Contributions are withheld through payroll deduction. Ask your agent about fee structure as it varies by plan.
You may invest with any of the participating authorized vendors listed below: AXA EQUITABLE 719-636-3934 Aaron Haynes, ext. 117 Matt Campbell, ext. 116 METLIFE RESOURCES 719-265-7072 Robert (Baughb) Martin VALIC (VARIABLE ANNUITY LIFE INS. CO.) 800-892-5558 Jim Woolley, ext. 87567
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