PERAPlus 457 Plan

View all Plan Highlights Topics

Joining the Plan

 
Employees of an employer who is affiliated with the PERAPlus 457 Plan are eligible to participate in the PERAPlus 457 Plan immediately upon hire. Participants who were formerly eligible to participate in the PERAPlus 457 Plan are eligible immediately upon re-hire at an employer affiliated with the Plan. There are no minimum service requirements to fulfill.

Joining the PERAPlus 457 Plan is a four-step process. Begin by going to www.copera.org and entering your User ID and password. Then, click “Enroll in the PERAPlus 457 Plan.” You will then be walked through the steps of Plan enrollment.

Step 1: Review Plan Information. You can access information about the Plan, including an enrollment kit and fund and performance information on the Plan website.

Step 2: Authorize Contributions to the Plan: You must choose which employer will make your contributions to the PERAPlus 457 Plan from the PERA website. You will then be linked to the Voya website in order to choose your contribution amount. Your contribution authorization must be received by 2:00 p.m. (Mountain time) on the 25th of the month (or the first business day after), to be effective for the following month or following payroll period, whichever is later.

Step 3: Make Investment Elections: Complete the requested personal information and specify how you want your contributions to be invested. Your elections must total 100 percent in whole dollars only.

Step 4: Designate a Beneficiary: It is important that you designate a beneficiary to receive your account balance in the event of your death. You may designate a beneficiary from the Voya website by clicking ”Personal Information,” choosing “Beneficiary Information,” and then "Add/edit Beneficiary” or you can complete a Beneficiary Designation Form.

If you do not make an investment election your first contribution will automatically be invested in the PERAdvantage Target Retirement Date Fund according to the table below:

Fund Date of Birth Begin Date of Birth End
PERAdvantage Income Fund   12/31/1957 or before
PERAdvantage 2025 Fund 1/1/195812/31/1962
PERAdvantage 2030 Fund 1/1/196312/31/1967
PERAdvantage 2035 Fund 1/1/196812/31/1972
PERAdvantage 2040 Fund 1/1/197312/31/1977
PERAdvantage 2045 Fund 1/1/197812/31/1982
PERAdvantage 2050 Fund 1/1/1983 12/31/1987
PERAdvantage 2055 Fund 1/1/1988 12/31/1992
PERAdvantage 2060 Fund 1/1/1993 or after  
If there is no date of birth on file, the contribution will automatically be invested in the PERAdvantage Income Fund until PERA receives notification of your birthday. Future contributions will then be invested according to the table above.

If you do not have a PERA PIN, PERA will mail you a PIN shortly after your first contribution is received. Use your PERA PIN to create a User security profile including your User ID and password. You will use your User ID and password to access your PERAPlus 457 Plan account and to change your future investment elections at any time. Retain your PERA PIN to access account information over the phone.

back to top

Accessing Your Account

 
Most Plan transactions and information requests can be made 24 hours a day, 7 days a week by logging on through PERA's website. Go back to the login screen to enter your User ID and password then select "PERAPlus 457 Account Access." You may also call 1-800-759-7372 and select the PERAPlus option.

back to top

Contributing to the Plan

 
You may save 100 percent of your eligible compensation, subject to the annual maximum IRS contribution limit. Contributions will be automatically deducted from your paycheck. Whether you make pre-tax or Roth contributions, the total amount you may contribute to the PERAPlus 457 Plan is subject to the annual IRS contribution limits.

You may change your contribution amount by logging on to your Plan account. Changes must be received by 2:00 p.m. (Mountain time) on the 25th of the month or the first business day after in order to be effective for the following month or the following payroll period, whichever is later.

For the 2021 IRS contribution limits please see the following table:

Annual Elective Deferral Limit:  $19,500
Catch-Up Contributions Limit:  $6,500
Special 457 Catch-up Contribution:  Up to $19,500
DC 415 Plan Limit:  $58,000

back to top

Catch-Up Contributions

 
Special Catch-Up
Participants who have not contributed the maximum deferral rate may be permitted to make extra catch-up contributions to the Plan in the three years prior to attaining their normal retirement age. The total amount of contributions (normal and catch-up) cannot exceed IRS contribution limits. The amount available for the special catch-up depends on how much the participant under-contributed in previous years.

Age 50 Catch-Up
Participants who are age 50 and older, and contributing the maximum amount allowable to the Plan, may contribute an additional amount up to the IRS catch-up limit.

The Age 50 and Special Catch-Up provisions may not be used in the same calendar year.

To review the current IRS contribution limits please see Contributing to the Plan.

back to top

Employer Discretionary Contributions

 
Your employer may make discretionary contributions on your behalf. Any employer contributions are always made on a pre-tax basis, regardless of whether you are making pre-tax or Roth contributions. Contact your employer for more information.

back to top

Missed Contributions During Military Leave

 
On re-employment, participants who have been on a military leave of absence may have increased 457 contributions deducted from their paychecks to make up for contributions missed while on leave. You may take up to three times the period you were absent for duty or up to five years, whichever is less, to make up missed contributions due to military leave. If you are making Roth contributions upon re-employment, they are treated as made in the taxable year of qualified military service that you designate as the year to which the contributions relate.

For additional information contact PERA.

back to top

Direct Rollovers to the Plan

 
You may roll over money to the pre-tax or Roth accounts in the Plan.

You may roll over pre-tax funds from 401(a), 401(k), 403(b), governmental 457(b), and IRAs to your PERAPlus 401(k) pre-tax account.

You may roll over Roth funds from 401(k), 403(b), and governmental 457(b) accounts to your PERAPlus 401(k) Roth account.

For rollover instructions and to print a 457 Plan Rollover Form visit the Forms section of this website.

back to top

Returning Forms

 
You can return forms by fax, regular mail or overnight mail.

By fax:
1-888-310-6019

By Regular mail:
Voya
Attn: Colorado PERA
P.O. Box 389
Hartford, CT 06141

Overnight mail:
Voya
Attn: Colorado PERA
One Orange Way
Windsor, CT 06095


back to top

Vesting in the Plan

 
You’re always 100 percent vested in your own contributions, your employer matching contributions, any rollover contributions, and the investment earnings on those contributions.

back to top

Choosing Where to Invest

 
In the PERAPlus 457 Plan you have access to the PERAdvantage line of investments. Consider choosing your investments based on one of the two paths below that best describe your investment knowledge:

  1. I am not sure how to invest.

    Choose a Target Retirement Date Fund based on your expected retirement date:
  2. I am comfortable making my own investment decisions.
You may change your fund elections at any time by logging on through PERA's website:
  • Click "Back to Login"
  • Enter your User ID and password then click "PERAPlus 457 Account Access"
You may also call 1-800-759-7372 and select the PERAPlus option. Please see the Investments section for more information on the funds.

If you need help choosing your investments, you have access to professional investment advice at no additional charge through Voya Retirement Advisors (VRA). For more information, review the Voya Retirement Advisors section or call 1-800-759-7372, select the PERAPlus option, and ask to speak with a VRA Investment Advisor Representative.

Transactions completed before 2:00 p.m. (Mountain time) will be processed the same business day. Transactions completed after 2:00 p.m. (Mountain time) will be processed the next business day. You may cancel a transaction if you do so before 2:00 p.m. (Mountain time) on the same day the transaction is scheduled to be made.

back to top

Transferring Money Among the Funds

 
You may move money between investment options at any time by logging on through PERA's website:
  • Click "Back to Login"
  • Enter User ID and password then click "PERAPlus 457 Account Access"
You may also select "Fund Transfer" in the "Manage Investments" area (for transfers into and out of specific funds) or by calling 1-800-759-7372 and selecting the PERAPlus option.

Transfers must be made in 1 percent or whole dollar increments. You cannot transfer money from one investment option to another and back to the original option in the same day.

Transfers to a self-directed brokerage account must be at least $1,000 and you must keep at least $500 invested in the PERAdvantage funds.

You may wish to use another transfer method that allows you to move money across all investment options. Using the "Reallocate Balances" option in the "Manage Investments" area, you may change the way your current balance is invested across all funds. The "Reallocate Balances" transfer transaction must be in increments of 1 percent or more.

Transactions completed before 2:00 p.m. (Mountain time) will be processed the same business day. Transactions completed after 2:00 p.m. (Mountain time) will be processed the next business day. You may cancel a transaction if you do so before 2:00 p.m. (Mountain time) on the same day the transaction is scheduled.

back to top

Voya Retirement Advisors

 
Through the PERAPlus 457 Plan you have access to Voya Retirement Advisors. This service offers you objective, professional financial advice and planning to help you set and meet your retirement goals. Voya Retirement Advisors use information on file about your retirement plan balance and PERA benefit, and allow you to include a Social Security estimate to develop a retirement income projection for you. You are encouraged to add more data to the analysis, such as your other retirement resources like savings or investment accounts, in order to look at the entire picture. The service helps you consider whether your savings will be adequate and explores changes designed to improve the chance of meeting your retirement goals.

Voya Retirement Advisors offer you two ways to get the support you need:

  1. Use Online Advice, an interactive service, accessible through this website. This service is available at no additional cost.


  2. Enroll in Professional Management if you prefer to delegate management of your account to a professional advisor. Call for a no-obligation retirement assessment. If you decide to enroll, a monthly fee will apply.


Compare the two service options
You do the work with Online Advice.We do the work for you with Professional Management.
You use our online tools to build your strategy.We design a personalized plan for you.
You get specific fund recommendations.We rebalance your account.
You can login at anytime to see if you’re on track.We regularly monitor your account.
You request the transactions for your account.We make adjustments as needed.
You get online help/technical support or by phone.We have VRA Investment Advisor Representatives you can to talk to.
You can sign up for email updates.We keep you informed with regular updates.
Available at no additional cost.Low fee through the PERAPlus 457 Plan.


For more information about the Voya Retirement Advisors, please review the Service Overview which details the fees associated with Professional Management.


** Advisory Services provided by Voya Retirement Advisors, LLC (VRA). Voya Retirement Advisors does not give tax or legal advice. If you need tax advice, consult your accountant or if you need legal advice consult your lawyer. For more information, please read the Voya Retirement Advisors Disclosure Statement. A Disclosure Statement may be viewed online by accessing the Voya Retirement Advisors link through this website. You may also request a Disclosure Statement from a VRA Investment Advisor Representative by calling 1-800-759-7372 and selecting the PERAPlus option. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC.


back to top

Keeping Track of Your Account

 
This website offers you the most convenient and efficient way to manage your account. Check back as often as you'd like for the most current information available.

To get a summary of your account status, log on through PERA's website by entering your User ID and password. Then click on "PERAPlus 457 Account Access."

Your account statement is available online to give you timely and easy access to your retirement plan information. To access your account statement, log in to your account then click the "Statements & Documents" link.

An account statement will be mailed to your home address generally within 15 business days after the end of each calendar quarter. Also, you have the ability online to select whether or not you would like to receive a paper quarterly or annual statement.

Any time you complete a transaction, a confirmation statement will be mailed to you, generally within two or three business days after the transaction is processed.

back to top

Fees

 
Plan participants pay a Plan administration flat fee of $1.00 per month. If you also participate in the PERAPlus 401(k) and/or PERA DC Plan, you will pay an additional $1.00 per month for each plan. Plan participants also pay an administration asset-based administrative fee of 0.03 percent on each PERAdvantage fund. That fee is built into the total asset-based fee, which is automatically deducted from the investment option’s return.

Fee Schedule

back to top

Investment Fees

 
Plan participants pay a Plan administration flat fee of $1.00 per month and a total asset-based fee, which includes a 0.03 percent annual Plan administration asset-based fee. Review the fee schedule to determine the total-asset based fee for each of the investment options. (The schedule may change at any time.)

There is no Plan administration asset-based fee for the Self-Directed Brokerage Account because PERA receives revenue sharing from TD Ameritrade.

back to top

Borrowing Money from Your Account

 
The loan feature allows you to borrow from your pre-tax and Roth account balances and pay back the loan, plus interest, through automatic checking or savings account deductions. Your account balance will be reduced by the amount of your loan. Earnings do not accrue on the amount borrowed until loan proceeds are paid back to your account. Your loan repayments, including interest, go directly into your Plan account, using your current investment fund election percentages. The interest rate for loans is the prime rate plus 1 percent as quoted in the Wall Street Journal on the last day of the prior month.

There are two types of loans:
  1. General loans, with a repayment period of 1 month up to 5 years.
  2. Residential loans, with a repayment period of 1 month up to 15 years.
There is a $75 nonrefundable loan application fee for each loan taken. You may have a maximum of two outstanding loans at one time.

Your account balance needs to be at least $1,132 to accommodate a 5 percent reduction for market fluctuation and the fee.

If your PERAPlus 457 Plan account available balance* is: You may borrow (combined total for all outstanding loans)
$1,132 to $10,000The entire balance
$10,001 to $20,000Up to $10,000
More than $20,000Up to 50 percent of your account (not to exceed $50,000)
For purposes of calculating loan maximums, the account balance is first reduced by 5 percent for market fluctuations and then reduced by $75 for the loan fee. The remaining balance is the amount used to determine how much you can borrow.

If you have funds invested in the Self-Directed Brokerage Account (SDBA), those funds will be taken into consideration when calculating the maximum amount you may take as a loan. You are required to keep $500 invested outside of the SDBA prior to issuance of your loan. In addition, Voya Financial™ cannot transfer funds out SDBA on your behalf. If you would like to take a loan that includes amounts invested in the SDBA, you must transfer funds out of your SDBA prior to the time that your loan is issued. Voya™ will not delay processing of your loan, so transfers should be made prior to requesting a loan.

The maximum outstanding loan balance in any 12-month period is $50,000. This limit includes loans you have with a 403(b) tax-sheltered annuity and/or a 401(k) plan you have with your current employer.

To access the "Loan" section and find out how much of your account you may borrow, log on through PERA's website:
  • Click "Back to Login"
  • Enter your User ID and password then select "PERAPlus 457 Account Access"
  • Select Request a Loan" from the "Loans" section or download a loan application through the Forms section of this website.
All residential loans require a signed purchase contract and any other appropriate documentation.

It takes about three business days after your initial loan request to generate a loan note, which is then mailed to you for your signature. Providing the loan is approved, a check will be issued and mailed within three business days after the Plan receives your completed and signed documents. (Completed loan documents must be returned within 30 days.)

back to top

Withdrawing Money from Your Account

 
There are five types of withdrawals you can make while still working: age 72 withdrawals, unforeseeable emergency, service credit purchase, loan, or rollover withdrawals.
  • Age 72 Withdrawals
    • If you are age 72 or older and still working, you may begin taking withdrawals from your account.
    • Withdrawals may be subject to 20 percent federal tax withholding unless the funds are rolled over to another qualified plan or IRA. Withdrawals from the 457 Roth account are tax-free as long as they are qualified distributions.
  • Unforeseeable Emergency Withdrawal** may be available for the following reasons:
    • An illness or accident involving you; your beneficiary; you or your beneficiary’s spouse; or your dependent or beneficiary’s dependent.
    • Loss of your or your beneficiary’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by homeowner’s insurance, such as the result of a natural disaster).
    • The imminent foreclosure of or eviction from you or your beneficiary’s primary residence.
    • To pay for medical expenses for you; your beneficiary; you or your beneficiary’s spouse; or your dependent or beneficiary’s dependent, including nonrefundable deductibles, as well as the cost of prescription drug medication.
    • To pay for funeral expenses of your spouse; your beneficiary; your beneficiary’s spouse; your dependent or your beneficiary's dependent for taxable years beginning on or after January 1, 2005.
    You must first exhaust all other loan and withdrawal possibilities before requesting an Unforeseeable Emergency Withdrawal. A prefilled form may be created through this website under the Account menu option and require supporting documentation or by calling 1-800-759-7372 and selecting the PERAPlus option. Withdrawal checks are mailed to your home address within two business days following the processing of your request.

  • Service Credit: Pre-tax contributions may be used to purchase or reinstate service credit. Contact PERA or refer to PERA’s Purchasing Service Credit brochure for more information.

  • Loan: The loan feature allows you to borrow from your pre-tax and Roth account balances and pay back the loan, plus interest, through automatic checking or savings account deductions. (Refer to Borrowing Money from Your Account.)

  • Rollover Withdrawals: Rollover withdrawals can be taken from the rollover funds in your account.

** Unforeseeable Emergency Withdrawals from the PERAPlus 457 pre-tax account are subject to voluntary withholding but are not subject to the mandatory 20 percent withholding. State and local taxes and withholding may also apply. Withdrawals from the 457 Roth account are tax free as long as they are qualified distributions.


back to top

Distribution Options When Terminating PERA-Covered Employment

 
When you leave PERA-covered employment, you have several choices regarding the money in your Plan account*:
  • Leave the money in the Plan (you must start taking distributions by April 1 of the year following the year you turn age 72).
  • Request installment payments.
  • Roll over the balance to another qualified plan.
  • Take the money in cash, called a lump-sum distribution.
Distribution choices and rules are complicated. Voya Financial Advisors' Retirement Consultants*** are available to help you develop a strategy that makes sense for you, including understanding your options, at no cost and with no obligation. Call 1-800-759-7372 and select the PERAPlus option.

Lump-Sum Distributions
For lump-sum distributions (including in-service withdrawals or periodic payments over a time period of less than 10 years), you can elect to have your pre-tax funds rolled over to a qualified plan, 457(b) plan, 403(b) plan, or IRA (if the plan accepts rollover money from other plans) and Roth funds rolled over to a Roth IRA, or Roth accounts in 401(k), 403(b), or governmental 457(b) plans (if the plan accepts rollover money from other plans).

If you elect a direct rollover of pre-tax funds to a traditional IRA, you will not owe federal income taxes on your distribution in the year it is paid. If you elect a direct rollover of pre-tax funds to a Roth IRA, the amount of the rollover will be included in your taxable income for that year. PERA will not withhold any amounts for this tax liability. If you do not elect a direct rollover, 20 percent of your distribution will be withheld for federal taxes. Prior to rolling money over, you may want to confirm with the plan receiving the money of any changes that may affect the distribution options of the rolled-in money.

Note: Periodic payments of 10 years or more are not eligible for rollover.

Terminated partial withdrawals can be taken by participants who have terminated PERA-covered employment, retired, or are on a PERA disability retirement. There is no minimum withdrawal amount.

You may transfer pre-tax funds to purchase or reinstate service credit before you terminate employment from a PERA employer. Contact PERA for more information.

Note: Pre-tax distributions from the Plan may be subject to federal tax withholding. Ordinary income taxes may apply. The rules governing distribution provisions in the PERAPlus 457 Plan may be different than the distribution provisions in other plans.

Note: There is a 30-day waiting period following your date of termination/retirement before you may elect to withdraw funds from your account. To update your date of termination/retirement, please refer to the Participant Termination Notification Form located under the Forms section.

* Ordinary income taxes may apply. State and local taxes and withholding may also apply. Withdrawals from the 457 Roth account are tax free as long it is a qualified distribution.

** If the plan receiving the money allows rollover money into the plan.

*** Retirement Consultants are registered representatives of Voya Financial Advisors, Inc. (Member SIPC).



back to top

Retirement Consultants for Transition Counseling

 
Retirement Consultants for Transition Counseling
You've worked hard to accumulate your savings and keeping it invested for retirement should be one of your key goals. But if you're moving on to a new job or retirement, you will need to make a decision about what to do with your Plan account. You typically have four choices:
Leave the money in this Plan.
Leave your retirement savings in this Plan, where you can continue taking advantage of the Plan's features and investments, and your savings can continue to grow. Keep in mind that you won't be able to make contributions to this Plan once you've terminated employment.

Roll your savings into an Individual Retirement Account (IRA).
If you want to keep all your retirement savings in one account, consider rolling your Plan savings into an IRA. An IRA can offer additional flexibility and investment choices, and allows you to consolidate retirement savings from former employer plans and other IRAs. Having a single account to manage makes investment allocation and rebalancing easier. Note that Voya Financial Advisors, Inc. Retirement Consultants (Retirement Consultants)* can provide guidance on your IRA options.

Roll your savings into your new employer-sponsored plan.
If you're planning on or have completed a job change, you may be able to roll your savings into your new employer-sponsored plan. Be sure to check the features, investments, services, and fees of your new plan before deciding to move your savings.

Take your savings out in cash.
Cashing out should only be considered an option if you need access to your money immediately and have no alternative resource. If possible, only withdraw the money you immediately need. By cashing out, you will lose the opportunity to continue growing your money AND the amount you withdraw may be subject to income taxes as well as early withdrawal penalties. More information can be found under Withdrawals.
Speak with the Retirement Consultants
Not sure what to do? Voya Financial Advisors, Inc. Retirement Consultants can help. They will take a look at your existing Plan, any other retirement accounts you may have, the money you're making and the money you're saving, then help you come up with a strategy that makes sense for you. Plus, you can continue to work with the same Retirement Consultant down the road. More importantly, they can help you better understand your options.
  • Retirement Consultants are knowledgeable about the benefits and features of your Plan and Individual Retirement Accounts (IRAs).
  • There is no additional fee for working with a Retirement Consultant.
  • You can build an ongoing, one-on-one relationship with your Retirement Consultant. They will get to know you and your personal situation.
  • You have direct access to your Retirement Consultant via phone and email.
Ready to get started?
Call 1-800-759-7372, select the PERAPlus option, and ask to speak to a Voya Retirement Consultant.


* Retirement Consultants are registered representatives of Voya Financial Advisors, Inc.



back to top