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


<p>As a PERA Defined Benefit (DB) Plan member, you are eligible to receive a monthly retirement benefit when you meet certain&nbsp;age and service requirements that depend upon when you started working with a PERA employer. Detailed requirements are provided in the&nbsp;fact sheet below.</p>


<div class="document_era list">
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									<p><a class="doc_block" href="https://content.copera.org/wp-content/uploads/2024/11/colorado-pera-and-dps-benefit-structures-fact-sheet.pdf" target="_blank"><img decoding="async" src="https://content.copera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px"><span>Colorado PERA Retirement Eligibility fact sheet</span></a></p>
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<p>If you have less than five years of service credit under the Denver Public Schools (DPS) benefit structure, you do not have the option to apply for a monthly benefit. Instead, you are only eligible to do a&nbsp;<a href="/leaving-employment">rollover/refund</a>&nbsp;of your DPS DB&nbsp;Plan account.</p>



<h2 class="wp-block-heading">Benefit Calculation</h2>



<p>You may estimate your retirement benefit at any time by using the&nbsp;<a href="https://secure.copera.org/secure/User/SignIn.jsp" target="_blank" rel="noreferrer noopener">Colorado PERA Monthly Retirement Benefit</a>&nbsp;calculator. If you&nbsp;<a href="https://secure.copera.org/secure/User/SignIn.jsp" target="_blank" rel="noreferrer noopener">log in&nbsp;to your account</a>&nbsp;with your User ID and password, your information will automatically be entered in the calculator. You may also request a benefit estimate by calling PERA’s Customer Service Center.</p>



<p>Your PERA retirement benefit is based on your years of service credit and your age at retirement. It is calculated using a percentage of your Highest Average Salary (HAS). If you want to learn about how your benefit will be calculated, including how your HAS will be determined, refer to the&nbsp;Retirement Process&nbsp;booklet below.</p>


<div class="document_era list">
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									<p><a class="doc_block" href="https://content.copera.org/wp-content/uploads/2025/03/pera-retirement-process-booklet-and-applications-2025.pdf" target="_blank"><img decoding="async" src="https://content.copera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px"><span>Retirement Process booklet</span></a></p>
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<h2 class="wp-block-heading">Benefit Options</h2>



<p>As a PERA retiree, you will receive a lifetime monthly benefit payment. You can also choose a benefit option that will continue to pay a person of your choice following your death. The person receiving the continuing benefit is called your cobeneficiary. In selecting your benefit option, you should consider your age, financial obligations, health, income from other sources, and needs of your spouse or other persons. To learn about your options, refer to the&nbsp;Retirement Process&nbsp;booklet above.</p>



<h2 class="wp-block-heading">Factors That May Affect Your Benefit Amount</h2>



<h3 style="color:#000000;" class="wp-block-heading has-black-color has-text-color">Furlough Days</h3>



<p>Some PERA employers have required their employees to take furlough days (days off without pay). The reduction in your salary for these days off may lower the HAS used to calculate your retirement benefit.</p>



<h3 style="color:#000000;" class="wp-block-heading has-black-color has-text-color">Section 125 Plans</h3>



<p>For members whose membership began on or before June 30, 2019,&nbsp;any money placed in a Section 125 flexible spending account, other than contributions to a Health Savings Account (HSA),&nbsp;is not considered salary for PERA purposes. So, if you contribute to a Section 125 plan during one or more of the periods used in the HAS calculation, your HAS will be reduced. Subsequently, the amount of your PERA benefit will be lower.</p>



<h3 style="color:#000000;" class="wp-block-heading has-black-color has-text-color">Conversion of Leave</h3>



<p>In most cases, unused annual leave, sick leave, vacation time, or personal leave converted to a cash payment at termination of PERA-covered employment is includable as PERA salary and will have member and employer contributions reported on it.&nbsp;</p>



<p>Pursuant to PERA rules, PERA projects&nbsp;the cash payment of unused annual leave, sick leave, vacation time, or personal leave&nbsp;into future months using your most recent rate of pay. For most retiring members, this may result in a slightly higher HAS and additional service credit.</p>



<h3 style="color:#000000;" class="wp-block-heading has-black-color has-text-color">Federal Limits on Benefits</h3>



<p>Federal law places limits on the annual amount of retirement benefits that PERA retirees may receive under Internal Revenue Code (IRC) Section 415(b).</p>



<p>PERA has developed a process called a Replacement Benefit Arrangement that provides for your employer to pay you the amount you are not being paid by PERA because of the federal tax limit.</p>



<p>For more information, see the fact sheet below or call PERA&#8217;s Customer Service Center.</p>


<div class="document_era list">
		<div class="col-md-12">
									<p><a class="doc_block" href="https://content.copera.org/wp-content/uploads/2025/02/internal-revenue-code-415b-limits.pdf" target="_blank"><img decoding="async" src="https://content.copera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px"><span>Internal Revenue Code 415(b) Limits fact sheet</span></a></p>
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<h3 style="color:#000000;" class="wp-block-heading has-black-color has-text-color">Benefits and Domestic Relations Orders</h3>



<p>If a you have a valid&nbsp;<a href="/divorce-domestic-relations-orders">domestic relations order (DRO)</a>&nbsp;on your DB plan account, part of the monthly benefit will be paid to you and part will be paid to the alternate payee (your ex-spouse) as specified in the DRO.</p>



<h3 style="color:#000000;" class="wp-block-heading has-black-color has-text-color">PERA Funds and Legal Process</h3>



<p id="anchortest1">PERA retirement benefits can only be subject to legal process for federal and Colorado state tax liens, assignments for child support purposes, garnishments for child support arrearages or child support debt, and valid domestic relations orders. PERA retirement benefits are also subject to attachment for restitution for theft, embezzlement, misappropriation, or wrongful conversion of public property. Attachment is also allowed in the event of a judgment for a willful and intentional violation of fiduciary duties where the offender or a related party received direct financial gain. PERA benefits are not otherwise subject to execution, levy, attachment, garnishment, or bankruptcy proceedings and cannot be assigned voluntarily or involuntarily.</p>
