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The original of this form must be completed in its entirety and returned to PERA for processing

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The document is a form for Public Employees Retirement Association (PERA) retirees in New Mexico who are elected to office, allowing them to apply for exclusion from PERA membership. It outlines the necessary information required for the application, including personal details and certification of understanding that the exclusion is irrevocable and does not count towards retirement service. The form must be completed and submitted within thirty days of taking office.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What happens to my PERA if I quit?

Every dollar you contribute to PERA is yours and goes into an account with your name on it. If youre no longer working for a PERA-covered employer, you have two options with the balance of your Defined Benefit (DB) Plan account(s): Leave your account(s) with PERA for a future rollover/refund or monthly benefit.

How long does a PERA refund take?

You may not refund your contributions if you will be employed by a PERA-affiliated employer within 30 days after your termination date. Employer contributions are NOT refundable. PLEASE ENCLOSE A VOIDED CHECK AND ALLOW 60 BUSINESS DAYS FOR PROCESSING.

How do I report pension income on my taxes?

Retirees monthly retirement benefit payments are treated as ordinary income. Unless you specify the income tax withholding election you want applied to your benefit, federal and/or California state income tax will be withheld from your benefit payment as the default filing status defined in the tax form instructions.

Do I have to pay federal taxes on my monthly pension payments?

Generally, pension and annuity payments are subject to Federal income tax withholding. The withholding rules apply to the taxable part of payments or distributions from an employer pension, annuity, profit-sharing, stock bonus, or other deferred compensation plan.

Can you take a loan out of a PERA?

Can I withdraw or borrow money from my PERA account? Every dollar you contribute to PERA will only ever go to fund your personal retirement benefit. You do not, however, have access to that money until you terminate PERA-covered employment.

How do I claim my retirement plan on my taxes?

Complete IRS Form 8880, Credit For Qualifying Retirement Plan Contributions, and attach the completed form to your Form 1040 for tax filing purposes.

Do I report PERA on my taxes?

Yes, PERA disability benefits are generally taxable, but it depends on your specific situation, such as your age and the type of disability benefits you receive. These benefits are subject to both state and federal taxes, and PERA will send you a 1099-R at the end of January annually.

How do I claim PERA on my taxes?

Also included are pre-tax deductions allowed under section 125 of the Internal Revenue Code. Box 13 To indicate that a person contributes to PERA, put an X in the Retirement plan in box 13. This alerts the IRS that the individual belongs to a 401(a) tax-qualified pension plan.