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Federal
Limits on Benefits
Federal law imposes limits on the
annual amount of retirement benefits that retirees may receive from
retirement plans that qualify for tax-deferred status, like PERA. Internal
Revenue Code (IRC) Section 415(b) contains benefit limits designed to prevent
individuals from accruing excessive pension benefits on a tax-deferred
basis. PERA cannot pay any benefit amount in excess of these federally
imposed limits.
In 2008, this limit may affect PERA
retirement benefits that exceed $79,422 a year or $6,619 per month for a
person who retires at age 50. The
calculation of benefit limits specified in Section 415 is complicated and
the limit depends upon the member’s age at retirement, amount of tax-paid
contributions made to PERA, and other factors.
For more information on how this limit may affect
your future PERA retirement benefit, please review the
Internal Revenue Code 415(b) Limits fact sheet.
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