The Public Employee Retirement System is for government employees except for teachers and students. This is a mandatory membership and all members should fill out a form of application at the beginning of their employment. It is a benefit plan that gives benefits to employees once they retire. This will be based on the number of years they rendered service and on their average salary.

The Public Employees Retirement system also covers survivor and disability protection. The system also allows those with 30 years of service to file for an early retirement. They also provide death benefits and beneficiary benefits. Every Public Employee Retirement System of every state is committed to ensuring the retirement benefits of every employee.

Contributions are deducted from the employee’s payrolls. The amount may vary for every employee depending on their retire plan and coverage. Currently, the contribution rate is 8.5 percent of the salary of an employee and will increase up to 9.5% in the year 2007. Employer contributions however, range from 13 to 17%.

The benefits that you will get once you retire are dependent on your contribution and position as well as your employer’s contribution. The benefits are fixed depending on the legislation set by every state. That is why it is always recommended for members to know their benefits and coverage so that they can get the most of their contributions once they retire.

Although the Public Employee Retirement System is compulsory for all employees, there are still criteria that you have to meet to become a member. Here are the criteria that you need to meet to become a member for most states’ Public Employee Retirement Systems:

1. The applicant should be a regular employee and the annual salary of the applicant should be $1,500 or higher.

2. The applicant’s position should be under the coverage of the Social Security System.

Generally, these are some of the most common grounds for ineligibility:

1. If the person does not meet the minimum annual salary required which is $1,500.

2. If the applicant is not covered by the Social Security.

3. If you are a temporary employee

4. If you are currently employed by the Job Training Partnership Act and being paid by their federal funds.

5. Students who are employed by their schools and universities where they attend regular classes sometimes may not qualify for the PERS.

6. Inmates in correctional institutions are not eligible.

7. Mental health and retardation patients do not qualify for the Public Employee Retirement System.

Planning your retirement can be confusing. Unless you are actually retired, you really can’t appreciate what it is like. A lot of myths have sprung u pabout retirement and retirement planning and we will take a look at some of them in this article.

A common myth is that retirement will last for 10 – 20 years. In truth, people are living much longer than previous generations. Not only that but the retired population is more healthy and active. Plus if you retire early which is an increasingly popular trend, then your retirement will be longer than normal. To be on the safe side, it is best to plan for a retirement that will last for 30 years.

Another myth, and one that could hurt your pocketbook, is that living expenses are lower after you retire. In most cases, this is not true. You may still be paying off a mortgage, taking care of your children, grandchildren, or parents. There may be others in your family who will be depending on your income for long after you retire. So it is a good idea to figure your expenses to remain the same and not count on them going down when your retire.

Social security is another topic of confusion and myths abound. Many people belive that social security will be defunct by the time they retire and others believe they will be able to live off of social security alone. Only time will tell if social security will survive through the years, but one thing is almost certain. If you do receive social security benefits, they will amount to much less than your current income.

More myths exist on the subject of taxes. Yu will still have to pay taxes after you retire, even if you live off retirement and social security as long as your income exceeds the limit. If you planned your financial future well, it is possible you will encounter increased taxes after you retire. If your taxes are lower or zero then, then it will be because your income be quite low. So it is best to plan taxes into your retirement planning and know that you will have to pay them long into your retirement.

Any of the myths above can harm you if you believe in them and don’t do your research and learn the truth about planning for retirement. The best thing to do is consult with a financial planner who can guide you through all the technicalities of taxes and savings so you know your retirment plan is on the right track.

Approximately one third of your life will be spent in retirement. It is important to plan ahead to be able to provide for yourself and enjoy this time of your life. Retirement is never too difficult to handle. However, many still have the misconception that retirement is a burden and a very difficult situation.

Before you enter your retirement age, it is best that you plan. Starting your retirement planning early will give you less stress and less trouble. It is better to start early with a minimum amount than starting it late and be overwhelmed with the amount that you have to save.

Make an accurate assessment on what you already have. It is better that you assess with the exact figures rather than making estimates. Retirement planning does not only rely on finances but also on many factors such as, health, emotional aspects, retirement location and safety. It is better to consider these factors to help you sustain for yourself without depending on your children.

Planning is not only a one-time event. It is a continuous process and may vary depending on many circumstances. Make sure that you are ready for any circumstances that might affect your retirement plan so that you will be ready for necessary adjustments.

You may want to consider hiring a financial adviser to help you ease the complexities of retirement planning. Before you hire the services of a retirement planning consultant, determine first the areas where you need assistance. Is it the retirement plan itself or the methods you need to implement the retirement plan.

There are a lot of retirement planning consultants and you should choose the ones that are experienced and competent enough to do the job for you. You may seek the advice of your friends and families and they may refer you to persons who know the best retirement planning consultants.

You can do some selection process by interviewing the candidates about their background and experience. Make sure that you know the cost of the services they offer. Always remember that there is a tendency that they are selling their services and you should not believe whatever they say. It is still best to ask other people who have hired them to check their expertise.

Once you have made your final pick, determine if the person you hired is registered. You may contact your state securities to get this information. You have to make sure that the person is free from any illegal activities and could be trusted.

Retirement planning takes a lot of accountability. No matter how competent the retirement planning consultant could be, your planning still depends on your responsibility. If you become responsible with yourself, retirement planning is never a tough job. Make the little sacrifices now and reap the fruits when you retire. Retirement is a time to enjoy and relax and not to burden you.