New Mexico Retirement Plan for Outside Directors
Description
How to fill out Retirement Plan For Outside Directors?
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FAQ
When your age and your service credit intersect in a box on your appropriate highest average salary table, you are eligible to retire with a PERA benefit. This opens in a new window. Keep in mind that the longer you work, the larger your benefit amount becomes.
Rule of 75 This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of continuous full-time service; if you meet both minimums, then the total of your age and years of service must equal at least 75.
Yes, lifetime. You cannot outlive your pension! Your PERA benefit is from a defined benefit plan, which means your monthly pension is determined by a formula and is payable for life.
The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises a specified monthly benefit at retirement.
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.
You may roll over your PERA DB Plan account(s) to an IRA or eligible employer plan or refund it. If you do a refund/rollover of your DB Plan account(s), you forfeit any future right to a benefit.
Colorado for each dollar invested by Colorado taxpayers in PERA. Employees contribute 8% of salary out of each paycheck to the pension fund. The average retirement benefit is $35,268 per year, or $2,939 per month.
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.
