Retirement Ready

As your retirement plan gets closer to a retirement reality, let PERA help bring clarity to the process.

Retirement Ready Members

In-person counseling sessions have resumed. Schedule your appointment today by logging into your secure account or calling Customer Service at 1-800-759-7372. Webinars are also available to members seeking information as they prepare to retire.

What You Need to Know

  • PERA calculates your monthly benefit using the following formula:
    • Your Highest Average Salary x 2.5% x Your years of service = Your retirement benefit
  • If you are a year out from retiring, request a benefit estimate from PERA by calling the Customer Service Center at 1-800-759-PERA (7372).
  • Health care costs continue to rise and the cost could impact the timing of your retirement. As a PERA retiree, you will have access to several health care coverage options available through the PERACare Health Benefits Program and you will be eligible for a subsidy toward your monthly health care premium if you are in a PERACare health care plan. PERA encourages retirees to consider all health care plans, including those outside of PERACare, to find the plan that works best for you.
  • If you have been covered by Social Security at any time during your career, contact Social Security to receive an estimate of your benefit (if any). Your PERA benefit will not be reduced if you receive a Social Security benefit, but Social Security might reduce your Social Security.
  • If you have contributed to the PERAPlus 401(k) Plan, PERAPlus 457 Plan, or other tax-deferred plans, find out what withdrawal options are available to you (monthly, annually, etc.) since you cannot contribute pension income to tax-deferred plans.
  • Your employer is an important part of your retirement process, so be sure to keep your payroll/personnel office informed of your retirement plans. Find out if you are eligible for any post-retirement benefits or programs from your employer and ask about when your health care and life insurance coverage will end.
  • If you’re planning on returning to work in retirement, be aware of the working after retirement rules if you work for a PERA employer after retiring. If you work at an employer not covered under PERA, these rules don’t apply.

Next Steps

  • Set up your online PERA account access (if you haven’t already) by clicking "Register as a new user."
  • Attend the Retirement Process Webinar to help you create an action plan for your last year before retirement, walk you through the application process, and cover other items you’ll need to know as you take this important step on your PERA journey.
  • Request a benefit estimate from PERA by calling the Customer Service.
  • Do a thorough review of the PERA Retirement Application Kit. Complete and send the appropriate forms to PERA.