PERS includes pension, disability, and death benefits. Employees' share of retirement is 6 percent of salary, but Revenue currently pays that on behalf of employees. Should employees leave the PERS system prior to retirement, they can normally withdraw that employee portion, but it may be subject to income tax and a 10 percent penalty. This is a 457 deferred compensation plan that allows employees to save toward retirement by contributing a portion of their salary to the plan on a pretax basis. Contributions plus earnings grow on a tax-deferred basis until distributed.
Employees choose from a number of investment options.
Funds generally cannot be withdrawn until the employee retires or separates from state service. U.S. Savings Bonds Available for purchase through payroll deduction. Credit Unions Several are available to employees. Education Assistance Revenue encourages continuous learning and employee development by providing financial and operational support for employees who choose to continue their education. Employee Training and Development Revenue is committed to investing in its employees' futures and careers through in-house and external workshops, seminars, and meetings.