If public school teachers and other beneficiaries stay in the same system throughout their entire career, PERA provides healthy retirement benefits.
But today’s workforce is increasingly mobile and likely to switch jobs – and even careers – multiple times.
In fact, according to the state’s assumptions, 64 percent of educators work fewer than five years for Colorado school districts. These workers leave the state’s system without accruing any employer-funded retirement benefits if they choose to withdraw their funds.
And unfortunately, the state’s current benefits package fails to reward teachers consistently throughout their careers.
To illustrate the impact on public servants’ retirement security, we offer some specific scenarios. While the public servants described are fictional, the calculations use real data and assumptions to illustrate actual benefits in each scenario.
Here are the stories of those losing out as a result of the current system: