Enrollment in the PERAPlus 401(k) and 457 voluntary retirement savings plans is available to you at any time.  Both plans offer the same PERAdvantage investment options and Empower Retirement is the recordkeeper for both plans.

PERAPlus 401(k)

With the PERAPlus 401(k), you can save additional money for retirement on top of what you contribute to your Defined Benefit (DB) account.  Your contributions are automatically taken out of your paycheck through a payroll deduction.  You can choose from a selection of investment funds, including funds designed to become less risky as you approach your projected retirement date.

A 401(k) is a tax-deferred (pre-tax) account, meaning you don't pay tax on the money you contribute.  You'll on pay income tax on withdrawals you make from your account.  However, a Roth (tax-paid) option is also available (see below).  

If you withdraw money from a 401(k) before age 59 1/2, you may be subject to an early withdrawal tax penalty.

To enroll in the PERA Plus 401(k) plan, click on the Oracle instructions below.

In addition to the 401(k) plan, you are eligible to contribute to the PERAPlus 457 deferred compensation plan.  A 457 plan is also a tax-deferred (pre-tax) account, and a Roth option is available as well (see below).  

Unlike a 401(k), withdrawals from a 457 account are not subject to an early withdrawal penalty; however, you will still owe income tax on any withdrawals, regardless of when you make them.

To enroll in the PERAPlus 457, contact PERA at COPERA.ORG.

The PERAPlus 401(k) and 457 plans also offer a Roth option that can help participants save toward the future and may also provide tax-free withdrawals at retirement.  Unlike traditional PERAPlus 401(k)/457 pre-tax contributions, Roth contributions are taxed before the money is contributed to the plan.  Any earnings on Roth contributions grow tax-free and distributions will also be free of federal (and where applicable, state and local) income taxes, provided they are qualified distributions.

To enroll contact COPERA.ORG.