Idaho Retirement Plan for Outside Directors
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How to fill out Retirement Plan For Outside Directors?
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FAQ
Both you and your employer make contributions to PERSI. Your contributions are credited to your personal account, while employer contributions are pooled in a trust fund to cover future benefits for all members.
You become a PERSI (Public Employees Retirement System of Idaho) member when you go to work in an eligible position with a PERSI employer. The longer you work for PERSI employers, the greater your retirement benefit will be.
Public Employee Retirement System of Idaho (PERSI) This is your pension plan provided by the State of Idaho. You and your employer make contributions to PERSI to fund your retirement and related benefits. PERSI also offers a 401(k) plan through which you may voluntarily save for the future.
The PERSI Choice 401(k) The Choice Plan 401(k) is an voluntary ?defined contribution? plan, meaning you decide if and how much to contribute. Unlike your PERSI Base Plan account, the amount you receive at retirement is based on the contributions and earnings of the account.
You become a PERSI member when you go to work in an eligible position with a PERSI employer. En- rollment in the PERSI Base Plan is automatic. Both you and your employer make contributions to PERSI.
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.
Although you would have exhausted everything you contributed, PERSI would continue to pay you $1500 a month for the rest of your life, plus annual cost of living adjustments (COLAs). So if your retirement were to last another 30 years, you would receive $540,000 in benefits from the PERSI trust.
You may receive an unreduced retirement benefit if your years of service plus your age equal 90 (General Members) or 80 (Public Safety Officers). You do not need to reach the Rule of 80/90 to retire. As long as you have reached minimum retirement age, and have at least 60 months of service, you may retire.