Public Employees' Retirement System - Defined Contribution Retirement Plan (PERS-DCRP)
The PERS-DCRP is a multiple employer plan established July 1, 2002 and governed by Title 19, chapters 2 & 3, MCA. This plan covers eligible employees of the State, university system, local government and certain
employees of the school districts that elect the defined contribution plan. All new hires, initially, are members of the PERS-DBRP. New hires have a 12-month window during which they may choose to transfer to the
PERS-DCRP or remain in the PERS-DBRP. Members may not be members of both the defined contribution and defined benefit retirement plans. The choice is irrevocable. The PERS-DCRP provides retirement, disability and
death benefits to plan members and their beneficiaries. Contribution rates can only be amended by the Legislature. Benefits are based on eligibility and account balance. A brief summary of eligibility and benefits follows:
| Eligibility |
Termination of service |
| Vesting |
- Immediate for member's contributions and interest
- 5 years membership service for employer's contributions and interest
|
| Vesting |
5 years |
| Monthly Benefit Formula |
- Dependent upon individual account balance
- IRS permitted rollovers are also possible
|
| |
Member |
Employer |
State |
| State/University |
6.90% |
7.035% |
|
| Local Governments |
6.90% |
6.935% |
0.10% |
