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City Of Albuquerque > Employee Services > Retirement Information > City of Albuquerque Preparing for Retirement  

City of Albuquerque Preparing for Retirement

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.

Last modified at 6/22/2012 1:04 PM  by Weisheit, Denise A. 
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