If there is any discrepancy between this publication and the law, the provisions of the law will prevail.
PERSI BENEFITS AT A GLANCE:
OVERVIEW OF YOUR RETIREMENT BENEFITS
PERSI RETIREMENT PLAN
You become a PERSI member when you go to work in
an eligible position with a PERSI employer. When you
earn 60 months of service credit, you will be vested to
receive a lifetime benefit at retirement. The 60-month
vesting period (5 months for elected and some ap-
pointed ocials) does not need to be with the same
PERSI employer. Unless you leave public employment
altogether, changing jobs should not aect your PER-
SI membership.
BASE PLAN BENEFITS
Enrollment in the PERSI Base Plan (your pension) is
automatic. Both you and your employer make contri-
butions to PERSI. Your contributions are credited to
a personal account that earns interest. The money
in your account belongs to you…it is always yours no
matter what! Employer contributions are pooled into
a trust to cover future benefits for all members. 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.
VALUE
The actual value of your benefit generally far ex-
ceeds your contributions. Within the first 3 - 5 years
of retirement, most members have already received
a return greater than all the money they contributed
while working. For example, if your contributions to
PERSI during your career totaled $60,000, and your
monthly retirement benefit is $1,500, you would
receive your $60,000 in approximately three years.
Although you would have exhausted everything
you contributed, PERSI would continue to pay you
$1,500 a month for the rest of your life, plus annual
cost of living adjustments (COLAs) if approved by
the Idaho Legislature. If your retirement were to last
another 20 years, you would receive $360,000 in
benefits from the PERSI trust.
DISABILITY BENEFITS
In addition to your retirement benefit, your Base Plan
contributions provide for disability coverage. Should
you become totally and permanently disabled while
an active vested member, you may be eligible for a
disability benefit. Disability for retirement purposes is
considered to be a total and permanent physical or
mental impairment that prevents you from earning a
livelihood. If you perform any work for compensation,
you will not be considered to be disabled.
TIME LIMIT
PERSI members applying for disability benefits have
a limited period in which to file an application. The
law (eective July 1, 2006) requires inactive mem-
bers applying for PERSI disability benefits to file
their claim within one year from the date of their last
contribution to PERSI. Members go from active to
inactive status when they are no longer eligible to
accrue service or make contributions.
RETURN TO WORK
Eective July 1, 2010, per Idaho Statute 59-1354A,
PERSI members on disability may attempt to return
to work under certain conditions. If they are unsuc-
cessful, the member may be able to resume PERSI
disability retirement if approved by the Board and if
certain requirements are met and the Board ap-
proves.
SURVIVOR BENEFITS
The PERSI Base Plan oers financial security for
your beneficiaries after you die. Whether an active
or inactive member, if you die after becoming vested
and had named your spouse as your sole beneficiary,
PERSI will oer your spouse the choice of a lump sum
payment of your remaining contributions, plus inter-
est, or a monthly allowance payable for life. The lump
sum death benefit for vested members is two times
your account balance, including interest.* If you die
before becoming vested, your beneficiary will receive
your account balance plus any interest accrued.
* This only applies to members with a date of last con-
tribution (DLC) of 7/1/99 or later.
Updated February 2019
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