Ready to Retire

Workshops are available to members seeking information as they prepare to retire. Counseling sessions are also available. Schedule your appointment today by logging into your secure account or calling Customer Service at 800-759-7372.

What You Need to Know

How your benefit is calculated

PERA calculates your monthly benefit using the following formula: your highest average salary x 2.5% x your years of service = your retirement benefit
When you apply for retirement, you’ll have multiple options for payment of your monthly benefit.

Starting the retirement process

If you are a year out from retiring, request a benefit estimate from PERA by calling the Customer Service Center at 800-759-PERA (7372).
Your employer is an important part of your retirement process, so be sure to keep your payroll/personnel office informed of your retirement plans. Find out if you are eligible for any post-retirement benefits or programs from your employer and ask about when your health care and life insurance coverage will end.
Most PERA members do not contribute to Social Security, which means you do not earn a Social Security benefit for the time you were employed at a PERA-covered job. If you’ve earned a Social Security benefit from other employment, you’ll receive benefit payments from both PERA and Social Security in retirement. Contact the Social Security Administration for an estimate of your Social Security benefit. These are separate benefits and neither affects the other.
If you have contributed to the PERAPlus 401(k) or 457 Plan, or other tax-deferred plans, find out what withdrawal options are available to you (monthly, annually, etc.) since you cannot contribute pension income to tax-deferred plans.

Health care in retirement

Health care costs continue to rise and the cost could impact the timing of your retirement. As a PERA retiree, you will have access to several health care coverage options available through the PERACare Health Benefits Program and you will be eligible for a subsidy toward your monthly health care premium if you are in a PERACare health care plan. PERA encourages retirees to consider all health care plans, including those outside of PERACare, to find the plan that works best for you.

Working after retirement

If you’re planning on returning to work in retirement, be aware of the working after retirement rules if you work for a PERA employer after retiring. If you work at an employer not covered under PERA, these rules don’t apply.

Next Steps

Set up your online PERA account access (if you haven’t already) by clicking “Register as a new user.”
Attend the Retirement Process Webinar to help you create an action plan for your last year before retirement, walk you through the application process, and cover other items you’ll need to know as you take this important step on your PERA journey.
Request a benefit estimate from PERA by calling the Customer Service Center.
Do a thorough review of the PERA Retirement Application Kit you have received. Complete and send the appropriate forms to PERA.