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
New Mexico Supplemental Retirement Plan
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US-CC-21-104
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The option of the single-life benefit is paid during the member's lifetime only; no monthly payments will be made to any person after the member's death. However, any balance of the employee contributions at the time of death will be paid in a lump-sum payment.
Age 62 or older with 14 or more years of service credit; or. Age 63 or older with 11 or more years of service credit; or. Age 64 or older with 8 or more years of service credit; or. Age 65 with 5 or more years of service credit.
With the PERA Defined Benefit (DB) Plan, you'll receive income in retirement that you can't outlive. The amount you'll receive each month depends on three important factors: Your highest average salary, the amount of service credit you have accrued, and your age at retirement.
The supplemental UC Retirement Savings Program?the 403(b), 457(b), and DC Plans?provide three options to help you build additional retirement savings to augment your primary UC retirement benefits, Social Security, and other non-UC retirement income.
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.
PERA provides a lifetime pension when you retire and a lifetime pension for your beneficiary as well, if one is chosen. PERA is a 401(a) qualified government plan governed by the New Mexico Public Employees Retirement Act.
PERA is a 401(a) qualified government plan governed by the New Mexico Public Employees Retirement Act. A public employer affiliated with PERA must deduct employee contributions each pay period from the employee's wages. These contributions are paid into the PERA member contribution fund.
You are vested in PERA after 36 months of public service (60 months for members hired after June 2010). Being vested means you qualify for benefits at the minimum allowable age.
