It’s possible, depending on the amount of your PERA pension. Unless you meet an exception to the Government Pension Offset (GPO) provision, your Social Security survivor benefits would be subject to offset by 2/3rds of the amount of your PERA pension ().
Can I withdraw from Pera?
Yes, you can stop your contributions at any time with no penalty. However, you cannot withdraw your funds until you terminate employment, at which point you will pay the taxes.
What does it mean to be vested in PERA?
PERA awards you one service credit for each month in which you worked and were compensated by your employer. You are vested in PERA after 36 months of public service (60 months for members hired after June 2010). Being vested means you qualify for benefits at the minimum allowable age.
When do you have to pay Pera when you leave?
Payments are based on your salary during the six months prior to the leave and must be made within one year after you return to public service or 30 days after termination of service, whichever is sooner. Annual interest of 8.5 percent will be charged from the date your leave ends until full payment is made.
Can you purchase Pera credit when you return to work?
Yes, if that leave interrupts your PERA-covered service. Upon your return, you may purchase credit for any or all of your leave, up to a maximum of five years. To obtain credit, you must make your regular employee contribution.
When do you have to make a Pera contribution?
You must make your employee contribution, as well as your employer’s contribution. Payments are based on your salary during the six months prior to the leave and must be made within one year after you return to public service or 30 days after termination of service, whichever is sooner.
How old do you have to be to retire with Pera?
PERA allows for employees to retire with a full benefit after reaching the age of 60 and meeting the “Rule of 90.” The Rule of 90 requires that the employee’s age plus their total years of service add up to at least 90.
