Retiree FAQs
When will I receive my benefit payment?
PERA benefits are paid at the end of the month for that month. Your benefit payment will be deposited into your bank or credit union account on the last workday of each month.
Will I receive annual increases to my PERA benefit?
The annual increase (AI) is paid in July of each year and may change with the Automatic Adjustment Provision (AAP). Eligibility for the AI and the amount depends on a variety of factors. Please see the Annual Increases for Benefit Recipients fact sheet.
How does my PERA benefit affect my Social Security benefit?
Most PERA members don’t contribute to Social Security while they work for PERA employers. If you are eligible for both a PERA benefit and a Social Security benefit, your PERA benefit will never be reduced due to any Social Security benefit you may receive. However, your Social Security benefit may have been reduced in the past based on your PERA benefit.
The recent passage of the Social Security Fairness Act eliminates the Windfall Elimination Provision and Government Pension Offset. We will provide more information on the implementation of this law as it becomes available.
View more FAQs about the Social Security Fairness Act and WEP/GPO.
For any questions about a reduction in your Social Security benefit, contact the Social Security Administration at 800-772-1213 or ssa.gov.
Taxes
Is my PERA benefit taxable?
Yes, your PERA benefit is subject to federal and state income tax. The taxable amount of your benefit will depend on the tax-paid and the tax-deferred balances in your member contribution account at retirement. If you have tax-paid money, based upon your age (and the age of your cobeneficiary, if applicable), part of your PERA benefit will not be taxable at the federal level for a specified number of months. Depending on your age, a portion of your benefit may not be taxable by the state of Colorado. Please review the Taxes on PERA Benefits booklet for more details.
How do I check my withholdings or make changes?
Log in to your PERA account and select the “Forms” menu. From there, select the “Tax Withholding” menu which will take you to the electronic form and follow the prompts to complete and submit. If you have multiple accounts with PERA, you will need to select each account separately from the “Account Select” drop-down menu to make the changes for each.
Does PERA withhold state taxes for any state other than Colorado?
No, PERA is only able to withhold taxes for Colorado. If you become a resident of a state other than Colorado, you need to update your tax withholding, as PERA does not automatically stop tax withholding for the state of Colorado based on an address change.