All eligible employees can enroll in the PERA 457 plan. This defined contribution plan allows for pretax contributions, which lower your taxable income. Participants will save on taxes now and pay taxes on distributions in retirement.

Plan Features 
Plan Administrator PERA/Voya
Who can participate? All CU faculty and staff
How much can you contribute?

Please note: Contribution limits for the 457 Plan are not combined with the 403(b) and 401(k) limits. This is a seperate limit. 
Maximum: $19,500
Minimum: N/A
Catch-up contributions: $6,500
Additional catch-up provisions: For the three consecuitive years before your normal reitrement age, you may be able to contribute up to twice the available limit if you under-contributed prior years.
When are you vested? Contributions to this account will be 100% vested immediately.
When can you take money out? Qualifying distributions:
  • Age-eligible distribution when age 59 1/2 attained while employed
  • Retirement
  • Severance of employment
  • Disability
  • Unforeseeable emergency
  • Require Minimum Distribution (RMD): attain 72 1/2 while employed (age 70 1/2 if born before July 1, 1949)
Loans: members can borrow from their account balances and pay back the loan with interest. Two types of loans are avialable: general and residential. Learn more.

Under the CARES act, expanded loan provisions are available for eligible members. Learn more.
Investment choices You will have access to the PERAdvantage line of investments that cna 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 retirement date.

See Voya lineup
What are the fees? The administrative fee is a flat rate of $1 per month. If you also participate in the PERA 401(k) plan and/or PERA DC Plan, you will pay an additional $1 per month per plan. Participants also pay a 0.03% total asset-based fee. Learn more.