It’s important that you do a regular check in with any retirement plan. That’s why we mail you an Annual Member Statement about six weeks after your anniversary date of PERA (or DPSRS) membership.
Below is information included in the Member Statement and why it’s important:
- Total member account balance, including the amount you’ve contributed to PERA and interest earned. If you choose to refund your account, rather than take a monthly benefit, your refund will be based on this amount.
- Salary reported to PERA in the last 12 months. Because your future monthly benefit will be based on your salary history, make sure that the reported salary is accurate.
- Service credit, or the amount of time you have worked for PERA employers, which is another factor in determining your future monthly benefit amount.
- Named beneficiary is the person you designated to receive your account in the event of your death. Remember, however, that who receives payment of your account may also be determined by state law.
- Participation in a PERAPlus Plan is vital to a secure retirement. If you don’t participate in the PERAPlus 401(k) or 457 Plan or a similar account, consider enrolling to save additional income for retirement.
- Participation in the PERA life insurance program, which provides additional benefits after your death. You can enroll now with evidence of insurability or wait until the April open enrollment period.
- Eligibility for the PERA disability program, which is five years of earned service credit for most members. The program may pay either short-term or retirement benefits if you become disabled.