21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Idaho Supplemental Retirement Plan
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US-CC-21-104
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FAQ
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
When you reach SSFRA and begin receiving your Social Security benefit, the PERSI amount is reduced although your income remains somewhat constant. The accelerated amount is based on the number of years and months you are away from SSFRA when you retire under PERSI's plan.
Within the first 3 to 5 years of retirement most members have already received all the money they contributed while working. For example, if your contributions to PERSI during your career totaled $60,000, and your monthly retirement benefit is $1500, you would receive your $60,000 in approximately 3 years.
A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.
In Idaho for each dollar invested by Idaho taxpayers in PERSI. Employees contribute 6.23% of salary out of each paycheck to the pension fund. The average retirement benefit is $16,448 per year, or $1,371 per month. PERSI covers 28,777 active school employees and 16,103 retired school employees and beneficiaries.
PERSI RETIREMENT PLAN You become a PERSI member when you go to work in an eligible position with a PERSI employer. When you earn 60 months of service credit, you will be vested to receive a lifetime benefit at retirement.
Your benefit is calculated based on your highest average monthly salary (gross salary) over a base period and your total months of service. A base period is the period of consecutive months during which you received your highest average monthly salary. This is usually near the end of a member's career, but not always.
The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.
