retirement.elpasoco.comEl Paso County Retirement Plan - El Paso County Retirement

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Executive Director, Greg Kuppenheimer Contact: (719) 520-7490 Telephone (719) 520-7495 Fax EPCRPSupport@elpasoco.com Walk-in Office Hours: 9:00 a.m. – 3:00 p.m. Tues-Fri Availability outside of these hours by appointment only Office Closed Legal Holidays Location: 2880 International Cr., Suite N030 Colorado Springs, CO 80910 Active Member Log-In Access your retirement services here Log In Pensioner Portal Access information on your pension Visit Portal Summary Learn about El Paso County’s Retirement Plan Read Summary Plan Document Explore the details of El Paso County’s Retirement Master Plan View Document Pre-Retirement Checklist Make sure you are prepared for retirement and have checked all the necessary boxes View Checklist Key Resources Frequently Asked Questions Investments Retirement Planning Links Board of Directors Current Agenda & Historical Minutes Actuarial and Financial Forms Contact Us Frequently Asked Questions General Plan Summary When can I retire? Normal Retirement provides full benefits at Age 62 if you have at least 5 years of creditable service, if hired before January 1, 2013, or 8 years if hired after December 31, 2012. Special Early Retirement provides full benefits prior to age 62 when you meet the Rule of 75 or 80, depending on a member’s hire date. The Rule of 75 or 80 is met when the member’s age plus the number of years of creditable service total 75 or 80. If hired after December 31, 2015, a member must be at least age 50 to qualify for this retirement option. If a member is hired before January 1, 2022 or is a sworn officer, the member is under the Rule of 75. If a member is hired on or after January 1, 2022 and is not a sworn officer, the member is under the Rule of 80. Regular Early Retirement – A reduced benefit is available at age 55 if you have at least 5 years of creditable service, if hired before January 1, 2013, or 8 years if hired after December 31, 2012. If you elect to start receiving a monthly benefit, the benefit is reduced 3% for each year you are under age 62. Go to When You Can Retire for more details. How is my benefit calculated? The El Paso County Retirement Plan is a traditional Defined Benefit Retirement Plan and calculates benefits using a predefined formula. We start with a Final Average Monthly Compensation (FAMC). For members hired before January 1, 2022, the FAMC is the average of highest consecutive 36 months of salary out of the last 120 months of employment. For members hired on or after January 1, 2022, the FAMC is the average of the last 60 months of salary. The rest of the formula is as follows: Pre-2010 employment- Monthly Benefit**= (FAMC x Credited Service (prior to 2013) x 2.22%) + (FAMC x Credited Service (after 2013) x 2.00%) Post-2010 employment- Monthly Benefit**= FAMC x Credited Service x 2.00% Example: ($3,000 x 20 years x 2.22%) + ($3,000 x 5 years x 2.00%) = $1,632 Per Month **The minimum monthly pension you can receive is $25 per year of credited service. So if you have 10 years of credited service, your minimum monthly benefit is $250. Go to Member Log-in/Registration to estimate your monthly benefit. Or, you can receive a benefit estimate by contacting the Retirement Plan. We will ask for the date of when you plan to retire. Your annual benefit statement also provides an estimate of your retirement benefit as of your earliest eligible date of retirement. What happens to my health insurance coverage? The El Paso County Retirement Plan does not offer any health insurance to retirees. Your employer may or may not have the option to continue health coverage, however this is separate and independent from the pension benefits we administer at the Plan. We advise all members who are looking to retire to reach out to their respective employers’ Benefits departments for more information on continuing health benefits into retirement. El Paso County’s Benefits Department can be reached at (719) 520-7420, option #1, or at EmployeeBenefits@elpasoco.com, for questions on...