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Learn the Facts About Refunding Once we process your application, you can typically expect to receive your refund within 30 to 45 days.
Montana is classed as a moderately tax-friendly state for retirees. Provided you are savvy with your spending, you can have a great retirement in this state. However, the state taxes most forms of retirement income and a portion of Social Security income if it exceeds a specific income level.
Both you and your employer will make regular contributions to your individual account. Effective July 1, 2023, total contributions to your individual account will be 16.63%.
To qualify for a service retirement, you must meet the following age or service requirements: Age 60 with at least five years membership service; Attain age 65 while employed; regardless of years of membership service. 30 years of membership service at any age.
PERS is a defined benefit retirement system. The monthly benefit you receive upon retirement is based on your years of service and your highest average compensation. Benefits and contributions are set by law, and protected by the Montana Constitution and only the Legislature may change them.
Member Contributions You contribute 7.9% of your compensation to your individual account. Your 7.9% contribution is calculated based on your gross compensation, before any pretax deductions. This means your contributions are made on a pre-tax basis and grow tax deferred until you withdraw the funds.
If you have additional questions, please contact MPERA call 1-877-275-7372 or 406-444-3154.