Certain members have a choice about which retirement plan they participate in—the PERA Defined Benefit Plan, also called a pension, or the PERA Defined Contribution Plan, similar to a 401(k).
If you are an eligible employee of the State of Colorado hired after January 1, 2006, or a participating community college employee hired after January 1, 2008, you may have had the opportunity to choose between these two options. If so, take a moment to consider if your plan choice still meets your future needs. The PERAChoice Brochure can help you evaluate your decision.
You may be allowed to make the one-time, irrevocable decision to switch plans between 13 and 72 months of participation in the PERAChoice program. For more information on switching plans, contact PERA.