Are You Ready for Retirement?

  • All DPS employees and most of Colorado’s other public employees contribute to the Colorado PERA retirement program rather than social security. The PERA retirement plan offers a sound foundation for retirement income, but there is more that you can do to ensure your desired retirement lifestyle. Saving for retirement starts now, and DPS has many opportunities for you to invest in your future!

  • New Hires

    New hires at DPS will be automatically enrolled in a pre tax 403(b) retirement account at a 2% salary deduction with Corebridge Financial. To access your account, please visit Corebridge Financial and register. Your enrollment will be effective the first of the following month in which you were hired.

    To opt out of 403(b) new hire auto enrollment, please call Corebridge Financial at 1-800-448-2542, provide them with access code 10021001, and a representative will ensure you are not enrolled in this benefit. 

    If you had a payroll deduduction and would like to withdrawal your funds and close your account, please download the Permisible Withdrawal of Automatic Enrollment Elective Deferrals Form. Complete the form and either fax it to 1-877-202-0187 or mail it to the following address: 

    Valic Document Control

    PO Box 15648

    Amarillo, TX 79105

    Please note, you will have 90 days from the date of your first payroll withholding to withdrawal your funds from your account. For more information, please contact Corebridge at 1-800-448-2542. 

  • Planning

    Retirement readiness means that you are financially prepared (or are on-track for being financially prepared) to meet your income needs to maintain your preferred lifestyle during your retirement years. Retirement planning is an important step in preparing for your future. Do you know what your goals for retirement are? Talking to a financial advisor or retirement planner can be a really helpful step in figuring out what you need to do to be ready to retire. 

    External Resources for Getting Started: we have compiled some helpful external resources - however DPS cannot guarantee the safety of any external site.

  • Saving

    Corebridge Financial (AIG Valic):

    The IRS allows you to make contributions to your retirement plans on a pre-tax or post-tax basis. You can contribute up to the maximum amount each year. If you turn 50 or older during the calendar year, you are also able to add Catchup Contributions on top of the yearly maximum. 

    Corebridge Financial offers 403(b) and 457(b) savings options. 

    Learn about: 

    Colorado PERA:

    Colorado PERA offers 401(k) savings plans.

    Learn about: 

    DPS’ Sick Leave Payout:

    Some qualifying retirees may receive a payout of accrued sick and personal leave time at a rate determined by Bargaining Unit Agreements and Board Policy. 

    If you are retiring though COPera: the Sick Leave Payout process will happen automatically. Retiring employees must complete the Final Salary Report Form and submit it to payroll@dpsk12.net. 

    If you are not retiring through COPera: send HR Connect (hr_connect@dpsk12.org) a letter from COPera that reflects eligibility to retire. This will trigger the Sick Leave Payout process. 

    Retirees can receive their Sick Leave payout in two forms:

    • Lump Sum: paid 6-8 weeks after final regular paycheck is received; default option
    • Deferral of Funds: transfer of payout funds to an active retirement account (403(b), 457(b), or 401(k)) through DPS. The retirement account must be active for at least 30 days prior to retirement and a contribution must have been made from the employee’s final paycheck. To select a deferral of funds, complete the Sick Leave Deferral Agreement and submit to hr_connect@dpsk12.org 30 days before your retirement date.

    Sick Leave Payout Calculator (you must download to use)

  • Investing

    Corebridge Financial (formerly AIG Valic) gives you the ability to select your funds depending on market segment. We would advise speaking to a Corebridge Financial advisor regarding your investing options.

  • Things to Consider

    • The IRS allows you to contribute up to a maximum amount each year. It is your responsibility to make sure that your total annual contribution doesn’t exceed the maximum amount allowed by the IRS.
    • As a DPS employee, you’re eligible to enroll in a 403(b) or a 401(k), and a 457(b) plan to save twice the amount of the IRS limit (contributing the maximum amount towards each account).
    • Contributions into these plans do not reduce the calculation of PERA salary or the Highest Average Salary.
    • DPS charges a $0.50 per paycheck administration fee for all team members enrolled in the 401(k) plan with PERA and the 403(b) and 457(b) plans with Corebridge Financial. This fee covers the cost of an external retirement consultant to ensure our plans meet all federal guidelines and to ensure a high-performing investment line up.

  • Partnering with Innovest

    DPS partners with Innovest Portfolio Solutions to advise on our retirement plans and help us provide the highest quality retirement plans we can. 

    Innovest Portfolio Solutions, LLC is a nationally recognized retirement plan consulting firm based in Denver that has assisted the DPS retirement plan committee since 2017 in improving and modernizing our 403(b) retirement plan. Through their efforts and the efforts of our internal retirement plan committee, a low cost, high quality institutional retirement plan solution has been created to benefit our employees.

    Innovest is a proud supporter of the DPS Foundation and has a philanthropic mission of improving education opportunities for the underserved. Wendy Dominguez, President of Innovest Portfolio Solutions has accepted an appointment to the Colorado Public School Fund Investment Board, which benefits public schools. She was appointed to the board of this billion-dollar fund by the Colorado State Treasurer.

  • Innovest Quarterly Reports and Participant Notices

CONTACT

  • Benefits
    1860 Lincoln Street, 9th Floor
    Denver, CO 80203
    Employee Benefits Mailbox: emailbox@dpsk12.net

    Site Manager
    Kim Crouch

     

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