A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.

While your monthly contribution to the PERA Defined Benefit (DB) Plan lays the foundation for a strong retirement, you can boost your income potential by enrolling in the PERAPlus 401(k) and 457 Plans.&nbsp;



The PERAPlus Plans can supplement your retirement savings and help you reach your financial goals. These are voluntary savings plans on top of your PERA DB Plan that put aside more pre-tax money from every paycheck to help you plan for the future that you want. And the PERAPlus Plans also have lifetime income options to help make savings go even farther in retirement! The earlier you save in these accounts, the more opportunity your money has to grow.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://content.copera.org/wp-content/uploads/2024/03/GettyImages-1455688486.jpg" alt="" class="wp-image-44723" width="462" height="264" srcset="https://content.copera.org/wp-content/uploads/2024/03/GettyImages-1455688486.jpg 720w, https://content.copera.org/wp-content/uploads/2024/03/GettyImages-1455688486-300x171.jpg 300w" sizes="(max-width: 462px) 100vw, 462px" /><figcaption class="wp-element-caption">Mykyta Dolmatov/iStock via Getty Images</figcaption></figure></div>


You can start today



If you’re able to save more near the end of your working career, you can take advantage of “catch-up” contributions. When you turn 50, the IRS allows you to contribute an extra $7,500 in both 401(k) and 457 accounts that’s on top of the $23,000 annual limit for 2024.



To find out more about enrolling in the PERAPlus Plans, go to&nbsp;<a href="https://coperaplus.empower-retirement.com/participant/#/login?accu=COPERA" target="_blank" rel="noreferrer noopener">coperaplus.org</a>. Our online&nbsp;<a href="/financial-wellness-library">financial wellness library</a>&nbsp;has great resources on creating a budget, investment basics, protecting your assets, and much more.