PERA (www.copera.org)
The Colorado Public Employees’ Retirement Association (PERA) provides retirement and other benefits to employees at Colorado Springs Utilities. PERA qualifies as a bona fide fringe benefit, thereby exempting employees from paying into the Social Security system. As a result, in lieu of Social Security coverage, PERA provides benefits to you when you retire or are disabled or to your family after your death. In addition, PERA members may take advantage of voluntary programs offered such as life insurance, a 401(k) Plan and long-term care insurance. As a PERA member, you contribute a percent of your monthly salary to your PERA member contribution account and Colorado Springs Utilities contributes an additional percentage into your member account. Refer to the disability insurance section for more information on disability coverage through PERA.
ICMA-RC (www.icmarc.org)
Through ICMA-RC, employees can contribute to a Vantagepoint No-Fee Roth IRA or a 457 deferred compensation plan directly from their pay. The Roth IRA is one of the best ways to grow your savings for retirement. The Roth IRA provides investors with the opportunity of a lifetime to build retirement assets without ever owing any taxes on the earnings, the ability to withdraw earnings tax-free and penalty-free withdrawal options. With the 457 plan, employees have the benefit of a convenient savings tool, an immediate reduction in their taxable income, tax-deferred growth and penalty-free access to their assets upon separation. The 457 plan also allows higher contributions than a Roth.
