Retirement Plans
State employees hired prior to 01-01-06 automatically participate in the Public Employees Retirement Association (PERA DB), a defined benefit plan.
Effective January 1, 2006, a newly hired State employee (except employees of Higher Education Institutions) has a retirement choice:
- PERA Defined Benefit Plan (PERA DB)
PERA Customer Service 303-832-9550 or 1-800-759-7372
www.copera.org
- PERA Defined Contribution Plan (PERA DC)
1-800-759-7372 (option # 1)
New Hires on or after January 1, 2006, may enroll in one of the two retirement plans once eligibility is determined. New employees have 60 calendar days to make their retirement choice. If no choice is made within the 60-day timeframe the retirement choice will default to the PERA DB Plan. If a payroll occurs within the 60-day timeframe, the money will be held by the PERA DB plan. If a choice is made prior to the 61st day from date of hire, PERA will transfer the contribution(s) to the chosen retirement plan.
Complete information on retirement can be found on the web at the Department of Personnel & Administration Retirement site.