PERA 401(k) | University of Colorado

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All eligible employees can enroll in the 401(k) plan. This is a defined contribution plan that allows pretax contributions, which lowers taxable income. Participants save on taxes now and pay taxes only on distributions in retirement.

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Plan Features
Plan Administrator	PERA/Empower
Who can participate?	All CU faculty and staff.
How much can you contribute?	Maximum: 2023: $22,500 2024: $23,000
	Minimum: N/A
	Catch-up contributions: $7,500
	2023 Combined limits: CU voluntary retirement plans combined contribution limit between the CU 403(b) pretax option, 403(b) Roth option and 401(k): $22,500 Combined contribution limit for age 50+ between these three plans: $30,000 Any combination of contributions made to the 403(b) pretax option, 403(b) Roth option or 401(k) cannot exceed these limits 2024 Combined limits: CU voluntary retirement plans combined contribution limit between the CU 403(b) pretax option, 403(b) Roth option and 401(k): $23,000 Combined contribution limit for age 50+ between these three plans: $30,500 Any combination of contributions made to the 403(b) pretax option, 403(b) Roth option or 401(k) cannot exceed these limits
When are you vested?	Contributions to this account will be 100% vested immediately.
When can you take money out?	Qualifying distributions Attain age 59 ½ Retirement Severance of employment Disability Financial hardship
When can you take money out?	Loans: Members can borrow from their account balances and pay back the loan with interest. Two types of loans are available: general and residential.
Investment choices	You will have access to the PERAdvantage line of investments, which can accommodate whether you are comfortable making your own investment decisions or prefer a more hands-off approach. Target Date Funds are available based on your expected retirent date. See PERA's voluntary plan website and related investment lineup.
What are the fees?	The administrative fee is a flat rate of $1 per month. Participants also pay a 0.03% total asset-based fee.