What is the interest rate in PERA?
The interest rate is set by the PERA Board and is subject to change annually. The current interest rate is 3% compounded annually. Under state law, member and employer contributions can adjust to ensure that PERA is able to pay off its unfunded liability.
What is PERA increase for 2022?
At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022.
What are employer contribution rates?
Employer Contribution Rates The amount actuarially necessary as designated by the board that an employer must pay to adequately fund employee benefits expressed as a percentage of the employer’s salary.
What is the current interest rate for Pera?
The interest rate is set by the PERA Board and is subject to change annually. The current interest rate is 3 percent compounded annually. WHAT IS AN EMPLOYER CONTRIBUTION? Your employer contributes a percentage of its total payroll to PERA according to state law (see the charts on reverse).
How much does my employer contribute to Pera?
Your employer contributes a percentage of its total payroll to PERA according to state law (see the charts on reverse). A portion of the employer contribution also goes to the Health Care Trust Fund to pay health care premium subsidies to benefit recipients who participate in the PERACare Health Benefits Program.
When will my Pera contribution rate increase or decrease?
State law specifies that member and employer contributions may adjust beginning July 1, 2020, to ensure that PERA is able to pay off its unfunded liability within 30 years. Both member and employer contribution rates can each increase (or decrease) by up to 0.5 percent per year beginning in July 2020.
What is Colorado Pera retirement?
Colorado PERA provides retirement and other benefits to more than 600,000 current and former teachers, State Troopers, snowplow drivers, corrections officers, and other public employees who provide valuable services to all of Colorado.