Retirement
All Professional Personnel shall participate in either the Public Employees Retirement Association ("PERA") or the Colorado Mesa University Defined Contribution Pension Plan ("DCPP") as established by the Trustees. Eligibility to participate in PERA or the DCPP shall be determined in accordance with title 24, articles 51 and 54.5 of the Colorado Revised Statues.
PERA (Public Employees Retirement Association): PERA is a defined benefit retirement plan which is available to Professional Personnel only if you have had a least one year of PERA-eligible employment in the past.
DCPP (Defined Contribution Pension Plan) is for Professional Personnel who are either not eligible to enroll into PERA or if eligible, make an irrevocable choice to enroll into the DCPP.
The Colorado Public Employer's Retirement Association (PERA) provides retirement and other benefits to employee of the State of Colorado. Established in 1931 PERA serves as a substitute for Social Security for many members. Eligible employees of Colorado Mesa University who are enrolled in PERA are enrolled in the Defined Benefit Plan, which assures employees of a specific monthly payment at their retirement without regard to the return on the plan's investments.
PERA is not an option for those employees hired after May 1, 1994, except for an eligible employee who is in an active or inactive member of PERA with at least one year of service credit and who elects within thirty (30) calendar days of appointment to remain in PERA.
As a PERA member, you contribute 8 percent of your monthly salary to your PERA member contribution account. Colorado Mesa University contributes 10.15 percent. Your PERA contributions are tax -deferred, which means they are not considered taxable income for federal and state income tax purposes.
PERA Customer Service
1.800.759.7372
PERA Forms and Brochures
The Defined Contribution Pension Plan provides a retirement plan to Colorado Mesa University Employees who may not be eligible to enroll into PERA or for employees who wish to make an irrevocable choice to enroll into the DCPP. When enrolled in the DCPP, the employee's retirement benefit is based on the total amount of the contributions made to his/her account and the return on investments of those contributions.
Employees enrolled in the DCPP are required to contribute 8 percent of your covered earnings to your DCPP account on a tax-deferred basis. Tax -deferred means they are not considered taxable income for federal and state income tax purposes. Colorado Mesa University currently contributes an amount equal to 11.4 percent of your covered earnings to your DCPP Account
Employees enrolled in the DCPP have the opportunity to invest in funds offered by one of the professional investment companies selected by The Four State College to service the DCPP. Following are the three fund sponsors:
Fidelity Investments
1.800.343.0860
TIAA
1.800.927.3059
VALIC
800.892.5558
www.valic.com/fourstatecolleges
SUPPLEMENTAL RETIREMENT PLAN
Take time to plan, save and invest for your retirement. The Optional Retirement Plans allow you the opportunity to build an investment program and expand the opportunities available to you upon retirement. These plan are voluntary retirement plans because you choose to contribute to your savings for your retirement in addition to the mandatory retirement plan. Contribution made to an Optional Retirement Plan are made pre-tax, so contributions are deducted from your salary before taxes are taken out. Another advantage to an Optional Retirement Plan is that your contributions, interest and earnings grow tax deferred until you withdraw them, which is usually at retirement.
As Employees of Colorado Mesa University, you have access to a number of Optional Retirement Plan programs.
Information is available for all plan in the Human Resources Office.
403(b) Plan
Following is a list of our Trustee approved vendors for our tax-deferred annuity (TDA).
Fidelity Investments
1.800.343.0860
MetLife Resources
Ed Rosenberg 303-550-6170
erosenberg1@metlife.com
TIAA
1.800.927.3059
VALIC
800.892.5558
www.valic.com/fourstatecolleges
403(b) Authorized Vendor Detailed Information
PERAPlus 457 Plan
PERAPlus 401(k) Plan
Available to all employees. Information and enrollment packets are available in the Human Resources office or from PERA.
1.800.759.7372
1100 North Avenue
