The Defined Contribution Retirement Plan
In a defined contribution plan, the amount you contribute is known, but your benefit is unknown. Your benefit is unknown because your account balance depends on the amount of your contributions and earnings on those contributions.
DCRP provides retirement, disability and death benefits to eligible employees of the State, university system, local government and certain school district employees.
The DCRP is administered by Great-West Retirement Services. If you are a new member and have not yet made your choice, you may visit the website as a guest to view investment options. If you choose the DCRP, you will be contacted by Great-West with your account information, including your PIN number for logging on to your online account.
DCRP SUMMARY OF BENEFITS AND CONTRIBUTION RATES
| Summary of DCRP Benefits | |
|---|---|
| Eligibility | Termination of service |
| Vesting |
|
| Monthly Benefit Formula |
|
| DCRP Contribution Rates for Members Hired Before 7/1/2011 | |||
|---|---|---|---|
| Member | Employer * | State | |
| State/University | 6.90% | 4.19% | N/A |
| Local Governments | 6.90% | 4.19% | 0.10% |
| K-12 School Districts | 6.90% | 4.19% | 0.37% |
| DCRP Contribution Rates for Members Hired On or After 7/1/2011 | |||
|---|---|---|---|
| Member | Employer * | State | |
| State/University | 7.90% | 4.19% | N/A |
| Local Governments | 7.90% | 4.19% | 0.10% |
| K-12 School Districts | 7.90% | 4.19% | 0.37% |
* In addition to the 4.19% in your individual account, your employer also contributes the following to PERS, for a total of 7.17%: Plan Choice Rate - 2.64% Education Fund - 0.04% Disability Benefit Rate - 0.30%
WITHDRAWING YOUR DCRP ACCOUNT
If you are no longer employed in a PERS-covered position, you may either roll your account into another qualified plan, or take a refund. Once you are vested (5 years of membership service), members have access to the employer portion of the contributions plus interest and all money is portable upon termination. Contact mpera@mt.gov or call (406) 444-2996 for the necessary paperwork and instructions.
RETIREMENT TOOLS
Retirement calculators are available on the internet to help you determine your retirement financial needs.
Attend an informative webinar from the convenience of your home or work and learn more about retirement. No Password required, just login as a “GUEST”- click here; “Education Calendar”.
MORE INFORMATION ABOUT THE DCRP
Fund Evaluations - Quarterly reports, EIAC recommendations and participant communications. Plan Document Establishes the DCRP. Trust Agreement Establishes the trust fund for the DCRP. Investment Policy Statement 401(a) DCRP Provides investment guidelines for a long-term retirement-savings vehicle which permits participants to invest employer and participant contributions on a tax-deferred basis; and allows the PERB to meets its fiduciary responsibilities, evaluate the progress of the plan and positively influence its direction.
| Monthly Portfolio Holdings and Characteristics |
|---|
| March 31, 2011 |
| January 31, 2011 |
| December 31, 2010 |
| November 30, 2010 |
| October 31, 2010 |
| September 30, 2010 |
