October is National Retirement Security Month — a time to examine one’s financial situation, assess progress toward retirement savings goals, make plans to get on track, or make a goal and get started.
Retirement security is at the core of everything we do and everything we offer at PERA. This commitment is reflected in our mission statement: To provide retirement security for our members while ensuring the sustainability of the fund.
In 2021, PERA paid $4.35 billion in retirement benefits to more than 110,000 Colorado retirees. Each of those retirees can rely on receiving regular income from PERA’s Defined Benefit Plan for as long as they live.
Some PERA employers offer a choice between the Defined Benefit (DB) Plan and the Defined Contribution (DC) Plan, and PERA members also have access to optional PERAPlus 401(k) and 457 plans to save more for retirement. Knowing what combination of plans to choose can be challenging.
To help members further bolster their retirement knowledge and security, PERA launched an online Financial Wellness Library with a regularly updated collection of articles on retirement planning. These articles put into perspective the many factors that can impact saving for retirement, while providing suggestions that make the planning a little easier.
Financial Wellness Library
The educational content in PERA’s Financial Wellness Library is split into numerous sections, including: creating a budget, investing basics, preparing for life events, protecting your assets, saving and planning, getting ready to retire, and activities in retirement as well as links to PERA benefits and tools to help you achieve your financial goals.
There’s also a link to additional financial wellness content from Empower Retirement, PERA’s partner in administering the PERAPlus 401(k), 457 and DC plans.
In addition to general financial literacy information, the library includes articles to help you get more familiar with your PERA benefits and how they can help you meet your goals:
- Get the Most Out of PERA: View Your Member Dashboard: Learn about the features available when you log into your member account on copera.org, including checking your account balance, seeing your estimated monthly retirement benefit, submitting forms and more.
- PERA is With You Every Step of the Way Throughout Your Career: Whether you’re new to PERA or getting ready to retire, we have resources available to help you make the most of your benefits.
- The Benefits of PERA Membership Start Well Before You Retire: PERA is more than just a retirement plan; we also offer survivor and disability benefits, voluntary savings plans and more.
- Four Things New Members Should Do: If you’re new to PERA, this is a great place to start on your path to retirement security.
Visit copera.org/financial-wellness-library to learn more.
Additional reading:
- What ‘Retirement Security’ Means to PERA Members
- Survey: Millennials, Gen X Especially Pessimistic about Retirement Prospects
- How Retirement Systems Like PERA Plan for the Biggest Financial Risks Retirees Face
- PERA Offering New Lifetime Income Options to DC Plan Participants
Defined benefitA mandatory retirement savings plan in which a participant’s future benefits are known or can be calculated, but contributions are subject to adjustments. Defined contributionA voluntary plan in which participants can save pre-tax income for retirement. Contributions are “defined” by the employee, but the future benefit is not guaranteed.
