20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities
Colorado Deferred Compensation Investment Account Plan
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US-CC-20-146
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FAQ
Deferring income to retirement might help avoid high state income taxes (ex: California, New York, etc) if you're planning to move to a low-tax state. The biggest risk of deferred compensation plans is they're not guaranteed; if your company goes bankrupt, you might receive none of the income you deferred.
Employer contributions are nonrefundable and remain with PERA to fund monthly benefits provided by the Association. Any lump sum portion of your refund will be considered taxable income if paid directly to you; however, taxes will be deferred if the money is rolled over to another tax-qualified retirement account.
What are my choices if I leave employment before I'm eligible to retire? You may leave your account with PERA for a future monthly benefit or rollover/refund your account.
* If you are eligible for both a PERA benefit and a Social Security benefit, your PERA benefit will never be reduced due to any Social Security benefit you may receive.
While the contributions you make to your PERA Defined Benefit account are not accessible while you are still working for a PERA employer, you do have the ability to take a loan from your PERAPlus 401(k) or 457 accounts.
Deferred compensation plans are funded informally. There's essentially a promise from the employer to pay the deferred funds, plus any investment earnings, to the employee at the time specified. In contrast, with a 401(k), a formally established account exists.
A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
Can I withdraw or borrow money from my PERA account? Every dollar you contribute to PERA will only ever go to fund your personal retirement benefit. You do not, however, have access to that money until you terminate PERA-covered employment. Learn more about your options when you leave employment here.