PREPARING FOR RETIREMENT
Three (3) years prior to retirement date:
· The annual maximum you are eligible to contribute to a deferred compensation account is $34,000 for each of the three years prior to your retirement. (Age 50: Contribution maximum to a deferred compensation account increases from $16,000 to $21,000 beginning the calendar year you reach age 50)
One (1) year prior to retirement date:
· Employees are advised to submit a request for Total Service Credit Verification, using the PERA Request Form available on PERA web site, local office, or at Retirement Seminar.
· If choosing to purchase prior service credit or uniformed service credit, submit a PERA request form to purchase “air time.”
Six (6) months prior to retirement date:
· Employee must contact PERA office to schedule an appointment to complete their retirement application at least six months prior to retirement or, if using early retirement, 6 months prior to early retirement date.
90 days prior to retirement date:
· Upon completing the PERA retirement application, the employee must contact the Insurance & Benefits Division for an appointment with our Insurance & Benefits Specialist.
· Contact Deferred Comp. Representative for assistance with Sick/Vacation accrual rollovers and withdrawals.