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Employee retirement benefits

Please keep your retirements funds advised of any name, address, or beneficiary changes; changes reported to the Human Resources office will not update your retirement records.

Workstudy students and institutional work students who need to rollover or cash out a TIAA-CREF account should contact Leonard Silence in the VP Finance office at 970-943-7028.

Here you will find basic information and links on Western's alternative retirement programs. As an agency of the State of Colorado, our employees do not contribute to Social Security, but instead contribute 8 percent to either PERA or a DCPP plan, depending upon their employment status. You will also be able to access information on employee-optional deferred compensation plans which you may be eligible. Information is available on the PERA 401(k), the State of Colorado's 457 deferred compensation program, and the various 403(b) tax sheltered annuities, as well as where to get information on 529 saving for college plans.

Because our employees do not make contributions to Social Security, if an employee is eligible for Social Security benefits upon retirement or disability, the formula used to figure your benefit amount may be modified, giving them a lower Social Security benefit under the Windfall Elimination Provision. The Government Pension Offset Provision may similarly affect any Social Security benefits an employee may be entitled to under their spouse's record.

The U.S. Department of Labor (DOL) has released a new online resource that makes it easier for Americans to prepare for a financially secure retirement. A series of interactive worksheets were developed as a companion to a 2006 publication entitled “Taking the Mystery Out of Retirement Planning.” Using the worksheets, individuals who are 10 to 15 years from retirement can calculate their income and savings as well as their projected expenses in retirement. The worksheets are available at: http://www.dol.gov/ebsa/publications/nearretirement.htm

Public Employees' Retirement Association (PERA) of Colorado

Established by state law to provide its members with a qualified retirement plan that is a substitute for Social Security. all classified employees and non-benefitted faculty and administrators (i.e., those who work less than half-time) are required to contribute 8 percent of their monthly salary to their member contribution account. The current employer's contribution amount is 12.05 percent. It takes five years of service for the employee to vest in the employer's matching funds. These contributions are tax-deferred until they are returned to you either through a refund or a monthly benefit. For more information, visit their website at www.copera.org or call 1-800-759-7372 or 303-832-9550 and a PERA representative will answer your questions.

PERA conducts Basic Information Meetings around the state for all PERA-covered employees, from new members through retirees) that cover all aspects of PERA. To attend a Group Workshop for employees who are within 3 years of retirement, you will need to pre-register. Updates to beneficiaries are made online.

The current rate for purchasing service credit is 18.1% (22.2% if you are over age 50). Information is available on PERA's website or from the Human Resources office. Ten years is the maximum number of years which can be purchased, regardless of when you began PERA-covered employment. (A reinstatement of refunded PERA account is not subject to the 10-year limit on purchases.)

Defined Contribution Pension Plan (DCPP)

Established by the Board of Trustees of the State Colleges in 1994 for benefitted faculty and administrators as a replacement for the PERA plan. Employees contribute 8 percent, the employer match is currently 11.4 percent, and employees are vested from the beginning. Under this plan, the employee is responsible for making his/her own investment decisions through funds offered by professional investment companies selected to service the DCPP.

Optional programs available to employees at WSC:

State of Colorado's 457 Deferred Compensation Plan

This program offers pre-tax mutual fund and investments and is administered by Great West Life. All benefit eligible employees may participate. A discussion of the 457 plan is available in the annual State of Colorado Open Enrollment Guide or online at: www.colorado457.com. Information/enrollment packets are available in the Human Resources office or by calling Great West Life at 1-800-838-0457 or contacting our representative Robin Lawrentz at 719-237-1543.

PERA's 401(k)

Available to any PERA member. Information/enrollment packets are available in the Human Resources office or from PERA. Rates of return are published monthly on PERA's website under the 401k/investment information/fund performance. Changes to the percentage withheld are made by completing a new Contribution Authorization form in the Human Resources office. Changes to investment allocations are made online; contact PERA for a PIN account number.

403(b) Tax Deferred Annuity (TDA) program

Any benefits-eligible employee must first meet with one of six Trustee-approved TDA vendors listed below. The TDA vendor representative is responsible for calculating the maximum dollar amount that the employee may defer and the employee then signs a Salary Reduction Agreement (SRA) to elect the actual amount to be deferred within the limitations of the IRS code. Most of the TDA vendors visit campus and Human Resources tries to notify all employees via email and the Western Watch newsletter.

State of Colorado's 529 Saving for College Plans

Information from CollegeInvest, Colorado's only section 529 plan, is available by calling 1-800-478-5651 or pickup a packet in Human Resources. Another good resource for section 529 plans, including information on Colorado's plans can be found at the SavingforCollege website.




Human Resources:

Contact Information:

  • Administrative Assistant:
    Cheelone Spritzer
    970.943.3140/2003
    cspritzer@western.edu
  • Director:
    Kimberly Gailey
    970.943.3142
    kgailey@western.edu
  • Address:
    Human Resources
    Taylor 209
    Western State College
    Gunnison, CO 81231
  • Fax:
    970.943.2277
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