What is the rule of 90 for PERSI?
You may receive an unreduced retirement benefit if your years of service plus your age equal 90 (General Members) or 80 (Public Safety Officers).
How does PERSI work in Idaho?
When you retire as a vested member, PERSI will pay you a benefit every month for as long as you live — and, if you select a retirement option with a survivor benefit, your Contingent Annuitant will receive a lifetime bene- fit after your death.
What happens to my PERSI if I quit?
When you leave PERSI-covered employment, you may withdraw your Base Plan money and any interest earned or you may choose to leave your contributions and interest in PERSI until a future date or until you retire. If you withdraw your funds, tax penalties and withholdings may apply.
Who qualifies for PERSI in Idaho?
If an employee who normally works less than 20 hours per week begins working 20 or more hours per week, they will become PERSI eligible at the point where a majority of the weeks in a five (5) month period are 20 hours or more.
When can you retire with PERSI?
The minimum retirement age for someone with mixed service will be between age 50 and 55. When your retirement benefit is calculated, PERSI automatically figures in the reduction that is most advantageous to you.
How do I cash out my Persi retirement?
If you are no longer employed by a PERSI employer, you are able to make a withdrawal from your PERSI Choice 401(k) Plan account. To initiate a withdrawal, simply call Empower Retirement at 866-437-3774 or log in to your Choice 401(k) Plan Account. Once your account balance goes to zero, it’s closed.
How long does it take to be vested in PERSI?
The longer you work for PERSI employers, the greater your retirement benefit will be. You become fully vested if you belong to PERSI as little as five years (60 months) which means you will receive a lifetime benefit at retirement.
How does PERSI choice work?
If you’re new to the PERSI Choice 401(k) Plan, you’re eligible to take advantage of a 12-month fee holiday. That starts when the first contribution is posted to your account. During that time, the monthly record keeping and administrative fees will not be charged to your account.
Can you collect PERSI and Social Security?
Yes. There is nothing that precludes you from getting both a pension and Social Security benefits.
Is PERSI a pension?
The PERSI Base Plan is designed to provide pension benefits to career public employees. The longer you work for PERSI employers, the greater your Base Plan retirement benefit will be.
What kind of retirement plan is PERSI?
BASE PLAN RETIREMENT BENEFITS En- rollment in the PERSI Base Plan is automatic. Both you and your employer make contributions to PERSI. Your contributions are credited to your personal account, while employer contributions are pooled in a trust fund to cover future benefits for all members.