Guest danwintz Posted December 3, 1999 Report Share Posted December 3, 1999 I apologize if this question has already been asked and answered, but I did not find it on this Message Board's history. The Colorado Public Employees Retirement Association maintains a grandfathered 401(k) plan. Participation in the Association by cities is elective. May a city (which has not previously maintained a 401(k) plan) now join the association and allow its employees to participate in the 401(k) plan? The following is an excerpt from the Association's description of the plan. PERA's 401(k) Plan was established on July 1, 1985, to enhance the retirement savings opportunities of PERA members. The 401(k) Plan provides all Colorado PERA members with a vehicle they can use to voluntarily invest some of their income tax-deferred. Any active and contributing member of PERA is eligible to contribute to the Plan from his or her PERA-covered earned income. Your 401(k) contributions are in addition to your mandatory PERA defined benefit contributions of 8% of salary State Troopers and employees of CBI contribute 10% of salary). You can choose to contribute from as little as 1 percent to as much as 23 percent of salary plus Section 125 plan deductions, or you may designate a dollar amount (a minimum of 1 percent of salary is required). All comments will be appreciated. ------------------ Link to comment Share on other sites More sharing options...
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