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Public Employee Retirement System 3 Comparison

Compare the State Board Retirement Plan and the Public Employees Retirement System 3

Definitions: Vesting in SBRP: When a participant gains ownership in the employer contributions. Vesting in PERS 3: When a participant becomes eligible for the employer-paid defined benefit. return to footnote referrer. Portability: The accrued benefit that can be transferred or accessed when a participant leaves employment. return to footnote referrer.

Topic SBRP PERS 3 Employer Contributions PERS 3 Employee Contributions
401(a) Defined Contribution Plan  401(a) Defined Benefit Plan 401(a) Defined Contribution Plan
Employee Tax Deferred Contributions

Percent of gross salary:

  • 5% — under age 35
  • 7.5% — age 35 & older
  • 10% — age 50 & older

You are responsible for your investment selection.

 n/a You elect your contribution rate from a list of six options. See page 5 of the PERS 3 Handbook. You are responsible for your investment selection.
SBRP Employer Contributions 100% match percent of gross salary:
  • 5% - under age 35
  • 7.5% - age 35 & older
  • 10% - age 50 & older

You are responsible for your investment selection.

Employer contributions fund the defined benefit only and are unavailable to participants who leave the plan prior to retiring.

Amount varies over time, dependent upon Legislative decision making.

Vesting Vesting is immediate. 100 percent of employee and employer contributions and any investment returns are yours after separation. After 10 service credit years, you have a vested right to the employer-paid defined benefit retirement when you meet the Plan’s age requirement, even if you leave employment. Or, after 5 years of service credit, depending on your age and when your service credit was earned. Refer to the PERS 3 Handbook or contact the DRS for more information. Vesting is immediate. 100% of employee contributions and any investment returns are yours upon separation.
Portability 100 percent portable. Both employee and employer contributions, and any investment returns can be rolled over upon separation of all employment with participating employers. Not portable. Employer contributions made on behalf of the employee remain with the Plan. 100 percent portable. May be rolled over to another qualified plan or IRA.
Retirement Benefits  The amount of your retirement income will be based on the balance of your SBRP account when you retire. There are a wide variety of income options available at separation or retirement. These include lifetime annuity for you and/or an annuity partner, cash withdrawal, roll over to IRA, interest only withdrawals, minimum distribution required by the IRS and others. Formula-driven, lifetime monthly pension, if funds are vested and participant meets retirement eligibility rules. The formula is 1% x average final compensation x years of service. Other Plan information is available in the PERS 3 Handbook. The amount of your benefit will depend on the amount you contribute and the performance of your investments. A variety of distribution options are available. Contact DRS for more information.


Disclaimer: If there are any discrepancies between this information and the provisions of the SBRP Plan Document or PERS regulations, the Plan Document or regulations will prevail.

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Last Modified: 1/30/24, 3:27 PM

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