You Have an Important Decision to Make
Welcome to the Public Employee Retirement System (PERS)! As a new member of PERS, you have a 12-month election window to decide between two retirement plans. If you are a new member with the university system, you have three choices.
We encourage you to learn about your retirement plan options and make an educated decision on which plan is right for you. For more information, join us for a PERS new member webinar, or visit our education video library for a recorded version.
Detailed Information Regarding Each Plan
Defined Benefit Plan (DBRP)
- Every new member begins in the DBRP.
- Your contributions will default to the DBRP until you make an election.
- This plan is considered a traditional retirement plan.
- Your retirement benefit is calculated by a formula set by statute and is composed of your highest average compensation, a factor percentage based on your membership service, your service credit and your age.
- If you do not make an active plan choice during your election window, you will default into this plan.
Defined Contribution Plan (DCRP)
- The DCRP allows you to be in control of how your contributions are invested by choosing from the investment options available.
- Investment options range from conservative to aggressive, including a target date fund.
- Montana-based retirement plan counselors are available at all times to assist you.
- Your benefit at retirement will depend on the size of your individual account balance, and your account balance is influenced by time invested and performance in the market.
Montana University System Retirement Plan (MUS-RP)
- This is a defined contribution plan available to university employees only.
See the differences between these plans here.
Your retirement plan election is irrevocable. If you do not file a retirement plan election by the end of your 12-month election window, your plan choice will default to the PERS DBRP.
How to Make Your Plan Choice Election
Your employer will inform us of your new employment, after you receive your first paycheck. Once you have been reported to MPERA by your employer:
- You will receive a letter in the mail with the Plan Choice Election form. Please complete the form and return it back to MPERA. You have a 12-month election window to inform us of your decision.
- You can also log in to your online account on our Member Self-Service Portal to make your plan choice election. (You can only log in after you have been reported to MPERA by your employer.)
In the event that you have not received your Plan Choice Election form or have misplaced it, please contact MPERA and we will provide you with a new form.
After you submit your election to MPERA, you cannot change your choice. Make sure you are informed and educated about your options so that you can be confident in your decision.