pend oreille PUD
retirement
so you can start a new chapter - on your terms
You have access to two different benefits plans:
a defined benefit plan (pension) through the Department of Retirement Systems and
a defined contribution plan (similar to a 401k), administered through MissionSquare Retirement
The choice is not one or the other - but both, if you choose to enroll.
Defined benefit plan
public employee retirement systems - PERS
What is a defined benefit plan (pension)?
Provides you with a guaranteed lifetime retirement benefit.
Offers a pension that is based on your average final compensation (highest five consecutive year earnings) and years of service.
Provides a right to pension benefits (vesting).
Includes disability and death benefits.
enrollment
who can enroll?
You - if you are a regular and active employee. On-call or temporary employees may be eligible. Check with HR to find out more.
do i have to enroll?
Yes. If you are eligible you have to enroll in one of the three PERS plans. You have 90 days from when you become first eligible to pick a plan. If you can’t decide, you will default into PERS Plan 2.
pers plans
There are three PERS plans, but PERS Plan 1 is limited to those who have established membership with PERS before October 1, 1977.
Most of us have the option between PERS Plan 2 and PERS Plan 3.
WHICH PLAN IS BETTER FOR ME?
It depends on your personal situation and preferences. PERS Plan 2 offers simplicity and low risk while PERS Plan 3 puts you in control and offers growth potential. Visit the new member webpage and let the Department of Retirement Systems (DRS) help you find the plan that is right for you.
How are my pension benefits calculated?
PERS Plan 2:
2% x service credit years x average final compensation = monthly pension benefit
PERS Plan 3:
1% x service credit years x average final compensation = monthly pension benefit. In addition, you will have access to your defined contribution account, which is based on your contributions and investment performance.
sign me up!
Visit your home page and navigate to “Forms” to get enrolled.
more information
The DRS website is packed full of great information, including recorded webinars, videos, calculators. Visit the DRS website, regardless if you are new to PERS, if you have been at it for a while, or if you have almost reached the finish line.
ready for retirement?
Check out the Retirement Planning Checklist and visit DRS Retirement Resources to plan for your upcoming retirement.
defined contribution plan
401(a) and 457(b) plans
WHAT IS DEFINED CONTRIBUTION PLAN?
Provides you with income at retirement. There is no guaranteed lifetime benefit.
Both you and the PUD can contribute.
You make investment decisions, which may include pre-packaged investment options.
Your retirement income depends on how much money was contributed and investment returns.
ENROLLMENT
WHO CAN ENROLL?
You - if you are a regular and active employee and you work 30 hours or more per week.
DO I HAVE TO ENROLL?
No. Enrollment is optional. Please remember that you will need to contribute the 457(b) plan to receive the PUD match.
401(A) AND 457(B) PLANS
KEY PLAN FEATURES
sign me up!
Visit your home page and navigate to “Forms” to get enrolled.
more information
CONTACT INFO:
mission square retirement
800.669.7400
MISSIONSQ.ORG
Or contact your Retirement Plan Specialist
Jeff Spindle
Phone: 866.328.4664
Email: jspindle@missionsq.org
