Solutions
Retirement Pension in Idaho Falls
If you work for a public employer in Idaho Falls—such as the City of Idaho Falls, a school district, or state agency—you’ll most likely be part of PERSI (Public Employee Retirement System of Idaho). That is the state’s pension program that guarantees lifetime income after you retire.
Key Features of PERSI
Defined Benefit Plan: Your pension is based on a formula, not on how much you contribute or on investment returns. This gives more predictability in retirement.
Vesting Period: To be eligible for your pension benefit, you generally need to work for 60 months (5 years) under PERSI.
Contributions: Both you (employee) and your employer contribute a portion of wages into PERSI. The rates vary depending on whether you’re a general employee, public safety (police/fire), or working in schools. For example, general members contribute about 7.18% of their salary, and the employer contributes about 11.96%.
Other Retirement/Income Options Alongside PERSI
PERSI Choice 401(k): A voluntary defined contribution account; you decide how much to put in (within allowed limits).
Deferred Compensation Plans (457): Allows additional savings pre-tax from salary. Helps provide more income in retirement.