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Savings Plans & Retirement Information

 

 
Colorado Public Employees' Association
 
 
PERA Retirement Plan Information
Colorado Public Employees' Retirement Association (PERA) provides retirement and other benefits to the employees of more than 400 government agencies and public entities in the state of Colorado.

All BVSD employees are covered by PERA, as required by state law.  A deduction of 8% of eligible salary (gross pay less Section 125 deductions) will be made from your salary for PERA in addition to the district contribution.

Contributions to any of the voluntary tax-deferred savings plans will not affect your PERA benefit.

Visit www.copera.org or call PERA at 303-832-9550 for more information on PERA benefits.​​

Medicare 101 from PERA  - Very good, simple information about Medicare

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 GENERAL INFORMATION ON OPTIONAL SAVINGS PLANS

BVSD offers 401(k), 403(b), and 457(b) voluntary retirement savings plans to which you can contribute through payroll deductions.  Contributions made to any of these plans will reduce your taxable income for the calendar year that the deduction is made.

Each of these plans works in a similar way: money is deducted from your paycheck on a pre-tax basis and invested by the plan providers into investments of your choice.  Federal and state taxes on these contributions, and any investments income, are deferred until distribution.

A calendar-year contribution limit applies to these plans - in 2017, the maximum contribution is $18,000 for employees under age 50, and $24,000 for employees age 50 and over.  You may contribute up to the maximum amount to 401(k) and/or 403(b) plans combined, and also contribute up to the maximum amount to the 457(b) plan.

Please read each plan information before investing.  This information is not intended as investment advice. BVSD recommends that you consult a professional advisor for investment advice.

The plans listed below are voluntary and contributions to these plans are separate from the required 8% PERA retirement contribution.

BVSD SAVINGS PLAN INFORMATION

Salary Reduction Agreement - Start, change or stop a contribution to your 401(k) or 403(b) plans

IRS Rollover Chart - 2017

PERA 401(k) Expenses and Fees

A great resource for anyone considering investing in any plan is available at 'Evaluating Your Retirement Options'. This simple website, by U.S. Securities and Exchange Commission, provides excellent information, including questions to ask your financial advisor.


 

 SAVERS TAX CREDIT

Are you aware that federal tax law offers certain retirement plan participants a tax credit to help save for tomorrow by reducing your taxes today?  Tax credits are designed to directly reduce the amount of federal income tax you have to pay each year.  With less money owed to the federal government, there may be room to start saving for retirement in your Boulder Valley School District 457 or 403(b) Retirement Plan or increase your current savings efforts.  If you're lucky enough to be receiving a tax refund, you'll then have to decide what to do with the extra income.  If you're looking for good ideas, consider investing in your Boulder Valley School District 457 or 403(b) Retirement Plan.  Making consistent contributions to your Plan offers the benefit of tax-deferred compounding.  Investing in your Plan could help you earn money tax-deferred for your retirement.  And best of all, by contributing to your Plan, you lower your taxable income, still giving you a chance for that refund and a tax credit.  If you would like to learn more or get started, please contact your financial advisor.

 110 INFORMATION

"Doing a 110” means working one additional school year in your current position immediately following retirement. Under current PERA guidelines, PERA retirees are eligible to work up to 110 days in a calendar year without penalty. In order to start the 110 process, you need to submit the Resignation - Retirement Form along with a request to do a 110 (this request needs to be signed off by your supervisor) to Human Resources by May 1 for the following school year.  See links below for more information.

Resignation - Retirement Form​

Retirement and 110 Basics

110-110 Classified Sample Agreement

110-110 Licensed Sample Agreement

110-110 Re-employment Option - Classified

110-110 Re-employment Option - Licensed