Nevada Sample Letter for Pension Plan Summary Plan Description
Description
How to fill out Sample Letter For Pension Plan Summary Plan Description?
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FAQ
PERS provides secure lifetime retirement benefits to eligible members.
You and your employer share equally in the contribution to PERS, currently 17.50% each. Your after tax contribution is refundable upon termination of employment, if you do not elect to receive a monthly retirement benefit.
PERS of Nevada is a tax-qualified defined benefit plan created by the Legislature as an independent public agency to provide a reasonable base income to qualified employees who have been employed by a public employer and whose earning capacity has been removed or has been substantially reduced by age or disability.
A pension plan or fund is a defined benefit plan. This type of plan guarantees a set monthly payment or lump sum after retirement. It may also use a specific formula that includes how long you've worked at the job and your salary to determine your monthly payout. A defined benefit plan may be funded or unfunded.
Today, the Public Employees' Retirement System has approximately 106,000 active members and over 76,000 benefit recipients. The average monthly benefit for regular members of the system is just over $3,300, and the System maintains a strong financial standing with over $54 billion in assets as of June 30, 2022.
CalPERS offers a defined benefit plan where retirement benefits are based on a formula, rather than contributions and earnings to a savings plan. Retirement benefits are calculated based on a member's years of service credit, age at retirement, and final compensation (average salary for a defined period of employment).
If you terminate employment, you may elect to refund the employee contributions you personally paid into the system, which will cancel your membership in PERS.
Your PERS benefit is not affected by Social Security. However, your Social Security benefit may be affected because you receive a PERS pension. The Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) are the two Federal Government regulations that may reduce your Social Security benefit.
