Who’s in the photo: Sgt. Marco Montez & Kent Almond, Mesa County
We are with you every step of the way to answer questions, review your plan and provide resources so you can best prepare for retirement.
Guided by Innovest Portfolio Solutions, a Denver-based registered investment advisory firm, we provide a comprehensive portfolio of high-performing investment funds available to plan participants.
As a not-for-profit organization, CRA’s focus is on helping our members save and invest for the future. Plan participants enjoy minimal administration fees for comprehensive plan management services. And you don’t have to worry about hidden fees – we’re fully transparent about our costs.
From my experience, they’ve always been very customer-service driven. Any time I’ve had issues with them or concerns for employees, I’ve been able to visit with staff there and always received excellent guidance on what needed to happen. I have always been really pleased with the way that they make a habit of coming and visiting us.
Kiowa County Hospital District
Customer-Service Driven
One of their biggest assets is the availability of fund choices. They provide a lot of tools and a lot of information. I appreciate the fact that I can move my stuff around and move within the risk factors that are there. I don’t ever run into any limitations on my flexibility. I think that’s pretty important.
Morgan County
Fund Choices and Resources
I like how easy it is to go online on the employer side and make changes. I like the ease of that.
And honestly, their service has been very good. When I email them they answer me right back. I’m sure we’re one of their smaller accounts but it doesn’t feel like it so that is very nice.
Town of Calhan
Flexible Services
Hopefully, you are a CRA Participant and you’re either saving for a long, comfortable retirement or already enjoying one. If you’re not with CRA, don’t leave! Many of the resources we provide may help you plan for your post-career life.
As a non-profit association and fiduciary, we are dedicated to making decisions in YOUR best interest. This means providing cost-effective investment options, savings and budgeting resources, and most importantly, personalized retirement counseling & education.
Explore our online information linked below or email us at contactus@cra-online.org to set up a one-on-one retirement planning session with your Client Services Manager.
Find your Client Services Manager (CSM) by searching for your employer (or former employer) in the box below.
Click on the “Book a Meeting” link to see their availability and reserve a time on their calendar.
If you can’t find your CSM, please email contactus@cra-online.org for assistance.
At CRA, we are dedicated not only to serving your retirement investment needs but to providing you with all of the tools to prepare for a long comfortable retirement. This page is loaded with useful information, documents, and insights.
We’re always expanding our library of resources to meet the needs of our participants. So, if you can’t find the information you’re looking for, you’re probably not alone. Please use the contact form to let us know what you need. A member of our staff will reach out to help you directly and we will work to provide a new item to this page.
IRS defined contribution limits apply to the total contributions (pre-tax and/or after-tax) to a single plan type by both an employer and employee. Rollover contributions
Economic Developments & Market Update & Market Update Economic Developments The S&P 500 Index declined 1.59% in August, bringing its total year-to-date (YTD) return to 18.73%. While negative for the month,
Checking Under the Hood How to Perform a Six-Step Maintenance Checkup on Your Retirement Plan Does your retirement plan make curious noises when it travels
Do Not Remove Tapping Your Retirement Account for Other Financial Needs Can Have Costly Consequences According to a December 13, 2022, article in The New
TARGET DATE PORTFOLIO REALLOCATION Effective April 14, 2023 In a continual effort to assist you in meeting your retirement goals, CRA will be adjusting the allocations of the
Saving at Any Age Saving. Do you view it as an ongoing journey? Or do you consider saving as someplace you arrive at? At America
Paying Down Debt is Saving Making the decision to pay down debt, particularly consumer debt, can be mixed with emotion. You feel good about choosing
Saving for Major Milestones What do homes, education, and retirement all have in common? They are major life milestones that require advance planning and saving
Saving for the Unexpected How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially
Determine if your savings are on track for retirement. If not, estimate how much you may need to save each year to reach your goal.
Estimate how much money you may earn from your investments over time, based on the amount of money you invest and the expected rate of return.
Understand the impact that annual withdrawals may have on your retirement account so you can estimate how many years your savings may last.
Understand when you will be required to begin withdrawing from your retirement savings and how much you will need to withdraw each year.
Explore your monthly fixed and flexible expenses and identify areas for additional saving.
Should you use your extra money to pay down debt or put into an investment? Generally, it’s advisable to invest only if the return on investment would exceed your cost of debt. Explore how your rate of return could compare to your cost of debt, taking taxes into account.
Get answers to frequently asked questions.
You can easily check your balance by logging into your account.
You will see your total CRA retirement savings account balance on the account dashboard, and you can click on Account to see the specific saving amount in your 401(a) and, if applicable, 457(b) account.
On the account portal, you also can review your plan’s rate-of-return, transaction history, statements, beneficiaries, investments, loan and withdrawal history and forms to make changes to your account.
Alternatively, you can call 800.352.0313 during standard business hours to check your balance, or review your quarterly statement.
Forms for withdrawals can be accessed through your account under the Accounts tab, then Plan Forms, or by calling 800.352.0313. There are a variety of forms for different types of withdrawals, or distributions, depending on those that are allowed in your plan.
Although you never have to close your CRA account in order to continue enjoying the benefits of our services and support, you are eligible to receive a distribution from the retirement plan upon any of the following events:
Be aware that distributions may be subject to standard income taxation and/or early withdrawal penalties. In addition to losing tax-deferred benefits by withdrawing money from your account, you will be losing out on compounding interest that otherwise would position your money to grow with you and be available when you retire.
Some employers have elected to set up a loan program through their CRA retirement plans. Please contact your employer to determine whether they offer loans through the CRA retirement plan. Loans should be reserved only for circumstances of extreme financial need.
You may leave your CRA accounts intact when you terminate employment or retire. You will continue to have the ability to manage the money in your account, access personalized retirement counseling and all CRA features and services. Leaving your CRA account active may be more cost-effective and advantageous than moving your money elsewhere when you change jobs or retire.
We charge an annual account administration fee of $28 or 0.25% of a participant’s combined account balances (whichever is greater). This administration fee is capped for accounts with a balance exceeding $400,000, combined across 401(a) and, if applicable, 457(b) accounts.
This is the only fee we charge to cover our annual budget and is highly competitive in this industry. And there’s no hidden fees – we’re up front and transparent about our costs.
No. Mutual fund rates of return are always net of their operating expenses. With CRA’s size and purchasing power, our institutional-class funds have some of the lowest expense rates in the industry.
These plans differ in terms of participation, contributions and financial risks.
Defined contribution (DC) retirement plan – e.g., 401(a), 401(k), 403(b), etc.
A defined amount is contributed into an individual retirement account each period.
Defined benefit (DB) retirement plan, or “pension plan” – e.g., Colorado PERA, FPPA, etc.
Plan defines retirement or other benefit based on certain conditions and formulas. Commonly referred to as a pension.
Deferred compensation retirement plan – e.g., 457(b) and some 401(k), 403(b) and pension plans, etc.
Agreed-upon compensation is set aside and paid at a later date.
They are very similar by design. Generally, you will only find 401(k) plans in the private sector because governmental entities are no longer eligible for 401(k) plans. Likewise, 401(a) plans are only available to public-sector employees.
The 401(k) plan often offers discretionary participation, rather than mandatory participation, and there are other differences regarding contributions, distributions, etc.
The benefits of putting all of your retirement savings in one place include:
All of the money invested in your CRA retirement savings account continues to grow while also being tax-deferred and sheltered from current income tax. Additionally, you can continue to access CRA’s unparalleled support and services, including flexible investment options and professional retirement counseling.
A person’s plans to spend their retirement years will vary widely based upon their age, health, ambitions and available resources to fund retirement. Besides creating a budget for retirement, you need to consider how you will use additional retirement benefits provided by the federal government, such as Social Security and Medicare.
Most people still think of 65 as the approximate age that they plan to retire, but that may mean you could be living off of retirement savings, Social Security and other retiree benefits for multiple decades.
Although retirement benefits are a significant portion of the Social Security program, benefits received from Social Security were never intended to fund a person’s entire retirement. Often, Social Security benefits represent less than half of a retired person’s income. Additionally, while some healthcare costs might be offset by Medicare, you may still be paying a monthly premium for certain services such as physician services, medical supplies and prescription drugs.
Generally, the rule of thumb for retirement savings is to accumulate enough to replace 70%-80% of your working annual income, including Social Security. Naturally, that percentage will vary depending on how comfortably you want to live. As retirement nears, it’s a good idea to calculate a more specific estimate of your retirement budget.
If you’ve got several years before you retire and are uncertain what percentage of your current income should go toward retirement savings, most experts today recommend striving toward saving 15%-20% of your income now to put toward future retirement income.
You may leave your CRA accounts intact when you terminate employment or retire. You will continue to have the ability to manage the money in your account, access personalized retirement counseling and all CRA features and services. Leaving your CRA account active may be more cost-effective and advantageous than moving your money elsewhere when you change jobs or retire.
You have several choices for your savings when you retire. Once you retire, you can access your money when you need it through a variety of distribution options, such as when you need it or on a periodic schedule. Be aware, however that whatever you withdraw from your account will no longer be tax-deferred or grow through compound earnings. You do not need to close your CRA account when you retire.
Many CRA employee participants choose to choose to take distributions over time to spread the tax consequence over several years. You should speak to a tax advisor to determine the best withdrawal method for you.
The voluntary 457(b) deferred compensation plan is not subject to the early withdrawal penalty, regardless of your age at the time of distribution. Remember though, a distribution from a deferred compensation plan may be subject to income tax assessment.
To withdraw a portion of your CRA plan, complete a Separation from Employment Withdrawal Request form, which can be accessed through the account portal or by calling 800.352.0313.
Additionally or alternatively, you might choose an annuity product to create a guaranteed lifetime income stream. We encourage you to speak with a range of lifetime income providers to discuss your annuity options; one you can contact is Hueler Investment Solutions at incomesolutions.com or by calling 866.297.9835.
The amount of taxes that you will owe when you make a withdrawal will depend on your personal tax situation.
Withdrawals from your CRA retirement accounts are considered “normal income” for that tax year. The amount of taxes that we are required to withhold from your distribution will vary depending on the type of distribution and the distribution reason. They may be subject to 20% IRS tax withholding. On top of that, distributions may be subject to 10% withdrawal penalties (on the full amount, not the 80% you actually received!) when you file taxes for anyone younger than 59½.
Consult a tax professional for tax advice and considerations.
“Future contribution allocation” refers to the investment of contributions not yet received. This section shows what percentage of each future (new) contribution will be invested in each option.
“Current investment allocation” refers to the allocation of the money already invested in your account. The figures show how much of your total account value was invested in each option on the last day of the statement report period.
Investments can be viewed and managed through your account portal. Click on the Account tab to view your investments, investment lineup and individual fund performance, values, trends and research, in addition to being able change your investments.
The changes you can make with your investments include:
Changes can be made daily, as often as the New York Stock Exchange is open. CRA maintains a daily valuation record-keeping system that provides for daily investment transactions.
401(a) plan: The numbers and letter 401(a) refer to the section of the Internal Revenue Code that governs qualified retirement plans. See also defined contribution plan. It is a defined contribution retirement plan. For more information on the features of the CRA 401(a) plan, click here
457(b) plan: The numbers and letter 457(b) refer to the section of the Internal Revenue Code that governs qualified deferred compensation plans. Section 457 deferred compensation plans are available to state and local governments. Eligible employees may elect to defer a portion of their income until a future date, usually retirement. Income taxes on amounts deferred and investment return are postponed until a distribution is received. In some cases the employer may also make contributions to a 457(b) plan. For more information on the features of the CRA 457(b) plan, click here
Annuity: An insurance company contract that provides tax-deferred growth of an investment. An annuity contract also offers the investor (policy holder) guaranteed payments from the contract for a specified numbers of years, specified amount or over a lifetime. The insurance company guarantees the amount and assumes all of the investment risk.
Asset allocation: Dividing your investments among the different classes of available options. For example, you may want to divide the portion of your investment committed to stocks into different types of stock funds, such as large-cap, small-cap, foreign, etc.
Balanced fund: A mutual fund that maintains a constant mix of stocks, bonds and cash equivalents. The fund manager(s) will make adjustments to the percentage invested in each of the three asset classes based on the current and projected economic climate.
Beneficiary: The person or persons designated to receive the balance of the participant’s account in the event of death. Also referred to as “primary beneficiary.” See also contingent beneficiary.
Bond: A bond is essentially a loan or a debt issued by corporations, governments or municipalities in an effort to raise money. The issuer promises to repay all of the money borrowed plus a specified rate of interest by a predetermined date.
Capital appreciation: The increase in value of an investment such as a stock, stock mutual fund, real estate, etc. When you invest for capital growth, you hope to sell your investment in the future, for more than your original purchase price. Also referred to as “capital growth.”
Catch-up provision: A provision in Section 457 of the Internal Revenue Code that allows participants in a 457(b) plan a (one-time) three-year window to “catch-up” for eligible amounts not deferred during previous years. This provision allows deferring up to double the annual limit for three consecutive calendar years.
Contingent beneficiary: The person or persons designated to receive the balance of the participant’s account in the event of the primary beneficiary pre-deceasing the participant.
Contribution: Payment made by the participant and/or employer for deposit into any of the CRA retirement savings plans.
Daily valuation: Calculating the value (valuation) of each participant’s investment options at the close of each business day.
Default: When a debtor (such as the issuer of a bond) fails to make scheduled payments of interest and/or principal to the creditor (such as a bond-holder).
Defined contribution plan: A retirement plan that provides an individual account for each employee participant in which the contribution amount is defined. The retirement benefit is ultimately determined by the ending account balance, which comprises employer and employee contributions, investment return and expenses. For more information on the features of the CRA 401(a) plan, click here [LINK TO 401a Your Plans Section].
Depreciation: The decrease in value of an investment such as a stock, stock mutual fund, real estate, etc. When you invest for capital appreciation (growth), you hope to sell your investment in the future, for more than you paid for it. However, you assume the risk that the value of your investment may decline (depreciate).
Distribution: Receiving money from your retirement savings account(s).
Diversification: Dividing your money among different classes of investments such as stocks, bonds and cash equivalents. The purpose is to reduce risk by limiting the amount invested in any one asset class.
Dividend: When a company pays a portion of their profits to the shareholders or stockholders, the investment return, or income, is referred to as dividends. A mutual fund’s dividends are based on the income received by the fund from all the fund’s investments.
Dollar cost averaging: Investing the same amount of money in the same investments at fixed intervals, often monthly. If the price rises, you buy fewer shares; if it drops, you acquire more shares. Dollar cost averaging is a long-term strategy that can result in, but does not guarantee, a lower average cost per share.
Dow Jones Industrial Average: A stock market index that comprises frequently traded stocks which provide investors with a general idea as to the investment performance of some of the largest domestic companies.
Fund transfer: A transfer of existing assets from one investment option to another investment option. This type of transaction does not affect the investment allocation of future contributions.
Guaranteed investment contracts (GIC): Guaranteed investment contracts are investments that function similarly to Certificates of Deposit, except they are issued and contractually guaranteed by insurance companies. Like a CD, the GIC pays a stated interest rate for a specified period of time. GICs are often found in stable value funds in retirement plans, like the CRA book value fund.
Growth fund: A mutual fund that invests primarily in stocks of companies that are expected to produce higher than average growth in earnings, usually with little or no emphasis on dividend income.
Income fund: A mutual fund that may invest in stocks, bonds or other securities that seek income from dividends or interest. The primary source of investment return from an income fund is from the receipt and reinvestment of income dividends and/or interest.
Index fund: A mutual fund that seeks to replicate the investment characteristics of a market index. An index fund is designed to perform as closely as possible to the performance of a designated index.
Inflation: The increasing cost of goods and services over time. Inflation reduces buying power.
Investment allocation change: A change in the allocation of how your future contributions will be invested. An investment allocation change does not affect any of your existing fund balances as you would when requesting a fund transfer.
Individual Retirement Account (IRA): An individual retirement account or annuity that is designed to encourage individual voluntary savings by providing certain tax-favored features. Contributions may or may not be tax-deductible depending on income, marital status and other factors. All investment return in an IRA is tax-deferred.
Minimum distribution: When a retirement plan participant reaches the age of 70 1/2, the IRS imposes a minimum required annual distribution amount from the plans. The minimum distribution amount is based on the account balance and life expectancy of the participant and/or beneficiary. This rule does not apply until the participant terminates employment or retires.
Money market: The market in which short-term debt instruments, or loans, are traded. One common form of money market securities is commercial paper. These loans are made to reputable, established corporations or governments with very high credit ratings. Therefore, the rates of return, which are derived from the interest paid on these short-term loans, is generally very low.
Mutual fund: A group of securities, such as stocks or bonds, that is managed by a team of professional investment advisors for the benefit of a pool of investors. When you invest in a mutual fund you are purchasing shares, or pieces, of the fund, thereby owning a portion of all the fund’s investments. As a mutual fund shareholder, you will share in the fund’s gains or losses.
Net asset value (NAV): The value of one share of a mutual fund. NAV is calculated at the end of each trading day by totaling the market value of all securities owned by the fund, plus any cash or other assets, then subtracting liabilities and expenses. The net value of the fund is then divided by the number of shares outstanding. The end result is the value, or worth, of one share of the fund. The fund’s NAV may increase or decrease every day based on the performance of the underlying securities. A fund’s NAV is synonymous with a fund’s price per share.
Pick-up: A term used in the Internal Revenue Code to describe the tax treatment of mandatory employee contributions to a 401(a) plan. When the employer elects to structure the plan with the “pick-up” provision, all mandatory employee contributions are made on a pre-tax basis. See also pre-tax contribution.
Plan administrator: An association or company responsible for record-keeping, investment of assets, participant and employer account statements, legal and tax compliance and any other requirements for the administration of a retirement savings plan.
Portfolio: More than one investment, such as stocks, bonds, real estate, etc., held by an individual investor or institution.
Pre-tax contribution: Money deducted from your paycheck and invested before federal and state income tax is withheld on the compensation. When you invest on a pre-tax basis, you reduce your current federal and state income taxes, because the pre-tax contribution reduces your taxable compensation. Also referred to as “before-tax.”
Principal: In the case of an investment, “principal” is the amount invested, such as contributions. In the case of a loan, “principal” is the amount borrowed. When you take out a loan, the lender is investing their principal in your loan. The lender expects to receive back from you, all of their principal and the agreed upon interest.
Prospectus: A document filed with the Securities Exchange Commission that provides details of a mutual fund or other security regarding investment objective, strategies, management, legal proceedings, fees, etc. A current prospectus for any of the mutual funds in your CRA plan is available through CRA at any time.
Qualified plan: A retirement plan that meets the qualification requirements of Internal Revenue Code 401(a). CRA’s 401(a) is a money purchase qualified plan. The CRA 457(b) is not a qualified plan.
Rebalance: To reposition the assets in your account to reflect the original investment allocation. Rebalancing may be necessary because some of your investments will grow faster than others. For example, if you invested 50% of your money in a stock fund and 50% in a bond fund for one year, during a period that stocks significantly out-performed bonds, your allocation to stocks would be greater than 50% at the end of the year.
Risk: The potential for an investment to lose money or decline in value. In the investment industry, “risk” is often measured by volatility, which is the historical fluctuation in value of an investment over specified period of time. See also volatility.
Risk tolerance: An investor’s ability to tolerate the fluctuations (increase/decrease in value) of investments. Investors with a low risk tolerance will feel more comfortable with more conservative investments with low volatility. Whereas, an investor that is not as concerned with short-term fluctuations in an investment, knowing that the long-term prospects for growth may be good, has a high risk tolerance.
Rollover/transfer: A request to transfer assets from an existing retirement plan to another. For more information on rollovers and transfers, click here.
S&P 500: The Standard & Poor’s 500 stock index. A leading stock market indicator that measures the investment performance of the 500 largest available domestic stocks. Standard & Poor’s, a subsidiary of McGraw-Hill, Inc., also provides ratings services for bonds, stocks, insurance companies and other financial data.
Security: Another term for an investment instrument such as stock, bonds, money markets or other similar investment.
Share: The portion of a fund, or portion of ownership in a corporation, in the case of a mutual fund. In the case of a stock, a share is the portion that a person or institution owns. When you make contributions to one of the CRA retirement savings plans and elect to invest in a mutual fund, you are purchasing shares, or pieces, of that fund every time a contribution is made. The value of the shares (see net asset value) will fluctuate based on the value of the underlying investments of the fund.
Socially responsible fund: A mutual fund that purchases securities (stocks, bonds, etc.) issued by corporations and governments that have been screened to meet certain social criteria. Generally, these funds seek to purchase securities from companies that don’t derive revenues from the production of products and services such as alcohol, tobacco, firearms, gambling, etc. Additionally, these funds will seek out companies with outstanding employee benefits plans, strong community involvement, scholarship programs, female and minority executives, etc.
Stock: Stock is issued by corporations as a means of raising capital, or money, for the corporation to invest in an effort to make the company grow. When you buy stock in a company you are trading your money for a piece, or share, of ownership in the company. As a stockholder, or partial owner, you share in the company’s profits and losses. When the value of the company increases and decreases, the value of your investment increases and decreases.
Surrender charge: A term generally associated with investments provided through insurance companies. When an investor elects to surrender, or terminate, the contract within a specified number of years, the insurance company may impose a penalty, or charge, on the investor. Also referred to as a “contingent deferred sales charge,” meaning the sales charge is deferred, contingent upon the investor terminating the contract at some point in the future. Neither CRA, nor any of its investment providers impose surrender charges or contingent deferred sales charges on participants in the plan(s).
Target date portfolios: Target date portfolios are aimed at people planning for retirement. Also known as risk or age-based portfolios, they are mutual funds or collective trust funds designed to provide a simple investment solution through a portfolio in which the asset allocation mix becomes more conservative as the target date (usually retirement) approaches. They have special appeal for retirement accounts because they offer a lifelong managed investment strategy that should remain appropriate to an investor’s risk profile. Research suggests that age is by far the most important determinant in setting an investment strategy. Thus, target date or age-based portfolios are particularly attractive as default investment lineups for retirement accounts. They do not offer a guaranteed return but offer a convenient multi-asset retirement savings strategy through a single outcome-oriented fund.
Read more about CRA target date portfolios here
Tax-deferred: To defer, or postpone, income tax liability. A tax-deferred investment allows the income tax liability on investment return – and in some case, the principal (see pre-tax contribution) – to be postponed until the investment begins distribution, usually at retirement. This strategy can make an investment grow faster than an after-tax investment because there are no deductions for taxes each year, thereby keeping more money invested.
Tax-free: Investment return is free from any future taxation. This usually refers to the tax-free earnings available on tax-free municipal bonds, which are not used for tax-deferred retirement accounts.
Time horizon: The length of time your money can remain invested. When considering time horizon for a retirement investment, you should also include the duration of time when your account is being distributed.
Vesting: Ownership of contributions and earnings in a retirement plan provided from employer funding.
Vesting schedule: The scheduled rate at which participants earn ownership of employer contributions and earnings in a retirement plan. The vesting schedule is established and amended by the employer in the Plan Adoption Agreement.
Volatility: A measurement of how much the value of an investment changes, either increasing or decreasing in value over short periods of time. Investments such as stocks and stock mutual funds are considered to have high volatility, whereas, bonds and other fixed-income investments like stable value funds and bank savings accounts have low volatility.
Voluntary after-tax: A means of contributing to the CRA retirement plan that allows participants to voluntary contribute up to 10% of their earnings on an after-tax basis. Upon distribution, there will be no tax liability due on contributions. However, the investment return will be taxable as ordinary income upon distribution.
Yield: A method of determining the investment return on a particular investment. An investment’s yield is calculated by dividing the dividend or interest by the amount paid or invested. With bonds, the coupon rate of interest divided by the purchase price, is the bond’s current yield. For stocks, yield is determined by looking at the percentage of the stock’s current price that is paid to the shareholders in the form of dividends.
Default Investment Policy (New Enrollment)
401(a) Loan Policy Administration (10-26-20)
Download the Most Up-to-Date Forms from Your Account
The most up-to-date forms for your plan(s) can be downloaded after logging into your CRA Account with Empower by following these directions:
457(b) Loan Policy Administration (10-26-20)
457(b) Deferred Compensation Retirement Plan Enrollment Form
(Return to your employer when complete)
The best source for employer forms and plan documents is the PSC.
There are two ways to submit payroll:
Option 1 – Enter payroll manually;
Option 2 – Upload payroll file.
You can follow the steps below to run the most popular reports:
Login to your PSC account
On the left navigation menu, choose Reports > Standard Reports
You will see several tabs (categories) of plan reports. The tab “Most Frequently Used” tab contains the most popular reports used by plan sponsors
It’s important to become familiar with your quarterly statement and how it pertains to your retirement account activity. A better understanding of your account activity may help you take a more active role in achieving your financial goals for a comfortable retirement.
Login to your PSC account
Enter the participant’s Social Security number into the search field.
Click on the Employee Detail tab.
Under Employment Information, click on Edit.
Input the employee’s term date in the Term Date field. All other fields should remain unchanged.
Click Save.
To update your preferences and enroll in paperless statements, log into the account portal, click on your name and update your communication preferences.
There are several benefits of going paperless:
Follow the four steps to access your online account: Click the Employee Login button on cra-online.org;
Click Login Help to create an account;
Enter the verification code sent to your device;
You’re in!
To request a Plan Service Center, or PSC, account:
1. Submit a Client Contact Change Form and submit it to your CRA client services manager
2. The plan sponsor must designate the level of PSC access for the user
3. The identified users will receive an email notification when their PSC authorization request has been completed. They also will begin receiving important employer member information, updates and resources
4. Follow the email instructions to create a login and access the PSC
What to consider if you’re taking a planned or unplanned retirement during difficult times.
From living expenses and budgeting to emotional and psychological impacts, learn more about how you can be ready for retirement.
Look at the impact of saving in your retirement plan and ways to save more.
How to align your investments with your goals and risk tolerance to prepare for market ups and downs.
Learn investing basics and how to become a smarter investor.
Learn about the importance of saving now to help you afford your living expenses after retirement.
The most common question we get from employee participants is how much to save for retirement and whether their savings are on the right track.
In this section, we offer resources and actionable steps to help you understand your retirement planning and enable you to manage your earnings. Wherever you are in your career, you will find answers to your top questions and tips to help make smart and meaningful plans and decisions.
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Retirement may be the farthest thing from your mind right now but the sooner you begin planning for retirement, the more money you will save in order to live comfortably after you retire. While you might prefer to be able to spend more now, your employer is helping to ensure you have a bright future.
We get a lot of questions about “how much is enough for retirement.” While the answer mostly depends on your life expectancy (how many years you will spend in retirement) and your lifestyle preferences, such as whether you want to live frugally or in luxury, according to the Bureau of Labor Statistics, retirees aged 65 and older spend an average of more than $43,000 annually.
The secret to having the retirement income you need and want is to invest early. With several years ahead of you before you are likely to retire, you have the opportunity to run a marathon as opposed to a sprint in terms of retirement savings. The returns on your investment will generate their own gains the next year, which is referred to as compounding.
Most financial experts recommend saving between 15% and 20% of your current income toward retirement. Your employer is contributing toward that number, and you should consider putting additional contributions toward a 457(b) plan, if your employer offers it.
If competing bills and living expenses prevent you from being able to put 15%-20% toward your retirement, a good approach that our client services team recommends is to put away as much as you are comfortable with now, and gradually increase that amount or percentage over time. For instance, every time you get a salary increase or bonus, consider increasing your contributions.
You’ll thank yourself later for every dollar you save now.
When it comes to investing, typically the more volatile option produces the highest return on investment over the long term, but carries with it the greatest risk of loss. By starting early, you are able to take more risk and have time to recover if the market goes down.
This is a strategy usually for early investors only. As you get older and closer to retirement age, it is best to be cautious with risky investment options. Following this conventional wisdom, CRA offers prepackaged target date fund portfolios that are designed with the right mix for each age group. You might consider selecting a target date portfolio for your 401(a) and/or 457(b) plans. Or if you’d prefer to build your own lineup, some participants use the target date portfolios as a guide for assembling the right mix of funds themselves.
After understanding the real cost of retirement and the value of starting early, you may wonder how you can save enough.
Here are some finance health guides for smart saving.
It is imperative to start accumulating and maintaining good credit early. Having no credit at all or poor credit can mean the difference between getting approved or rejected for financing on a car and a house. Poor credit also can result in higher interest rates; creditors reserve the best rates for borrowers with a good credit history.
Paying high interest rates on credit cards, loans and mortgages can cost you thousands of dollars on top of the base cost of your purchase. It’s best to shop around for the lowest interest rate and the shortest terms.
Making timely payments will enable you to avoid high penalty fees and build a high credit score.
It might be painstaking or seem uptight to create and follow a budget but it’s the best way to manage income and expenses, while also saving for the future. Having a budget allows you to understand how much money you need, if you can take on debt, and if so, how much debt you can afford. It also enables you to put away a little at a time toward savings to cover emergencies, fund big purchases and achieve your retirement goals. Several online tools are available today to facilitate budget management and expense tracking.
The most common question we get from employee participants is how much to save for retirement and whether their savings are on the right track. Generally, investment experts recommend putting between 15% and 20% of your income now toward retirement. Your account portal features several calculators that will help you gauge whether you’re on track with your retirement savings. Also, our retirement counselors are happy to review your account with you and answers questions to help you maximize your contributions.
Now is the time to take a hard look at the lifestyle you dreamed of living in retirement and compare those dreams against your savings. The rule of thumb for retirement savings is to accumulate enough to replace 70%-80% of your annual income, including Social Security. Naturally, that percentage depends on how comfortably you want to live. This is the optimal stage in life to make changes if you feel your retirement savings isn’t where it needs to be.
Now might be a good time to reassess how you allocate your retirement contributions. Work toward increasing your contribution amount, such as by establishing and growing a 457(b) account if your employer offers it. In fact, after you reach age 50, you can make additional contributions to your 457(b) account if you feel your retirement savings isn’t where it needs to be.
Also do a checkup on your investment portfolio.
If you’ve selected a CRA target date portfolio for your age group, your lineup should be appropriate for your projected retirement. If you’d prefer to select your own investments, check out the CRA Investment Learning Center to learn about smart investing. The closer you get to retirement, the more conservative your investments should be.
If you change employers, or if your employer allows for loans against your retirement savings, you might be tempted to make a withdrawal. We get it: that nest egg may come in handy if you’re facing large expenses or you’re not sure when you’ll get a new job. Our advice is to resolve not to use your CRA income until retirement.
For one thing, you’ll no doubt need that money in retirement. For most people, Social Security will only replace a fraction of their working pay. Even if you qualify for Medicare, you likely will pay a monthly premium and out of pocket expenses for doctor’s services and medical supplies.
Secondly, retirement plan withdrawals may be subject to 20% IRS tax withholding, and on top of that, may be subject to 10% withdrawal penalties (on the full amount, not the 80% you actually received!) when you file taxes for anyone younger than 59½.
You should ask yourself if a withdrawal really would be in your best interest. If you still think you need to withdraw against your retirement savings, consider only taking what you feel you really need rather than the entire account balance.
You might have other retirement plans from prior employers before you begin a CRA retirement plan. You can move other eligible prior retirement assets into your CRA account, including: 401(a), 401(k), 403(b) 457(b) and most IRA accounts. The benefits of consolidating include potential savings when you compare the fees of other providers to CRA, simplicity and clarity with being able to view your entire retirement savings all together.
You might change employers in the future. If you move from one CRA member employer to another within 30 days, you won’t lose your vesting status, which entitles you to more of the employer contributions paid into your account. If your new employer offers a different retirement plan, consider retaining your CRA account to continue enjoying the benefits of our plan. If you ever leave that employer, you can move those assets into your CRA account.
You might be interested in opening a self-directed brokerage account or accessing advisory services (additional fees apply). The brokerage account enables you to access funds beyond those available through CRA’s core portfolio. Empower Retirement Advisory Services connect you with a team of investment advisor representatives.
More details about these added services are available in the Investment Learning Center.
Take a moment to ensure you’ve designated beneficiaries for your retirement account. You can do this through the account portal by clicking on Accounts and navigating to the forms section, or by calling 800.352.0313.
A beneficiary is the person or people who will be designated as your CRA account owner(s) in the event of death.
It’s also a good idea to create a last will and testament and estate plan to legally ensure your wishes are honored in the event that you die or are incapacitated.
At this stage, you are likely to be juggling credit card payments, auto loans, a mortgage and possibly other major expenses such as putting a child through college or supporting aging parents. Now might be the right time to sit down with a financial advisor to get a big-picture view of your financial situation, develop a long-term financial strategy, ensure you have proper insurance protection and mitigate tax penalties.
The tailwinds of experience are driving you forward. As you anticipate retirement, excitement about your next chapter may be building. Questions might be building too. The biggest ones might be:
You may leave your CRA accounts intact when you terminate employment or retire. You will continue to have the ability to manage the money in your account, access personalized retirement counseling and all CRA features and services. Leaving your CRA account active may be more cost-effective and advantageous than moving your money elsewhere when you change jobs or retire.
Once you have retired or separated from employment with a CRA member employer and if you want to withdraw from your CRA account, you have three options.
To pursue any of these options, complete the CRA Separation from Employment Withdrawal Request form, which can be accessed through the account portal or by calling 800.352.0313.
We recommend this option as it enables you to access your income when you need it while also keeping the remainder of your earnings secure and working for you. You can set up systematic distributions with specific distribution amounts, and control how much you need every time. And there’s no cost to set up periodic withdrawals with CRA.
If you want to withdraw the full account balance, be aware that there could be tax impacts as a result of the IRS Mandatory Withdrawal requirement, which requires 20% from the withdrawal to be sent to the IRS and applied against your income taxes. (Tax withholding regulations vary with periodic withdrawals. It’s important to review withdrawal strategies with a tax advisor.)
On top of that, you may be subject to a 10% early withdrawal penalty (on the full amount, not the remaining 80%!) when you file taxes if you make a withdrawal prior to age 59½.
While you can essentially set up annuitized withdrawals at no cost with CRA, you may choose to purchase an annuity product through an annuity income provider for a guaranteed stream of income.
To do this, you would roll over a portion of your CRA funds and open an Individual Retirement Account with an annuity provider. Read more about income annuities here
The amount of taxes that you will owe when you make a withdrawal will depend on your personal tax situation.
Withdrawals from your CRA retirement accounts are considered “normal income” for that tax year. The amount of taxes that we are required to withhold from your distribution will vary depending on the type of distribution and the distribution reason. They may be subject to 20% IRS tax withholding. On top of that, distributions may be subject to 10% withdrawal penalties (on the full amount, not the 80% you actually received!) when you file taxes for anyone younger than 59½.
Consult a tax professional for tax advice and considerations.
Your CRA client services team is available to help answer your questions and smoothly transition you into retirement.
You’ll be more prepared to make wise decisions about your retirement income once you have a specific estimate of your anticipated budget requirements in retirement.
Take time to calculate all of the expenses and financial assets you expect in retirement. Factor in all sources of income that will be in effect once you retire. This includes Social Security, any pensions, investments and your retirement savings.
Once you gauge your expenses contrasted against your income, you will understand how much you need to withdraw per month from your retirement account.
Contact the CRA client services team. They can help you prepare for a smooth transition to retirement, discuss distribution options, provide additional resources and answer your questions.
We recommend this option as it enables you to access your income when you need it while also keeping the remainder of your earnings secure and working for you. You can set up systematic distributions with specific distribution amounts, and control how much you need every time. And there’s no cost to set up periodic withdrawals with CRA.
If you want to withdraw the full account balance, be aware that there could be tax impacts as a result of the IRS Mandatory Withdrawal requirement, which requires 20% from the withdrawal to be sent to the IRS and applied against your income taxes. (Tax withholding regulations vary with periodic withdrawals. It’s important to review withdrawal strategies with a tax advisor.)
On top of that, you may be subject to a 10% early withdrawal penalty (on the full amount, not the remaining 80%!) when you file taxes if you make a withdrawal prior to age 59½.
While you can essentially set up annuitized withdrawals at no cost with CRA, you may choose to purchase an annuity product through an annuity income provider for a guaranteed stream of income.
To do this, you would roll over a portion of your CRA funds and open an Individual Retirement Account with an annuity provider. Read more about income annuities here
As you approach retirement, you’ll start to be exposed to a term called RMDs. IRS Required Minimum Distribution is an annual calculation based on account balances and IRS-defined life expectancies for the current year. Generally, beginning the year you turn 72, you must begin to withdraw RMDs from your retirement accounts, unless you are still working at that time.
RMD amounts change every year, and are required every year after the aforementioned threshold is met. Also, employer retirement plans can each have their own RMDs, for instance both for your 401(a) CRA account as well as your 457(b) account, if applicable. You cannot pool these RMDs and have them withdrawn from only one of the accounts.
To help make your money last, avoid taking out more than the required minimum and what you need now. It is also important to remember that RMDs may be taxable, and withdrawals could count toward your total taxable income for the year the withdrawal was completed.
Withdraw the required RMD amount each period by completing the CRA Separation from Employment Withdrawal Request form, which can be accessed through the account portal or by calling 800.352.0313.
CRA can calculate and distribute the RMD amount periodically at your choosing. Just complete the CRA Automated Minimum Distribution Request form, which can be accessed through the account portal or by calling 800.352.0313
As you shift to a new life status as a retiree, you have many new considerations to weigh.
Following is high-level information about retiree health insurance coverage and income annuities to assist you with considering your options. We have listed providers who are available to answer your questions and provide further guidance. We encourage you to explore the market to ensure you make the best choice for your unique situation.
There are many options when you are no longer covered by employer-based medical insurance due to active employment:
You may continue coverage with your current employer-based plan for a period of 18 months, without employer contribution. This option ensures continuity of providers and deductibles.
Purchasing through this channel is the only way to receive an income-based tax credit subsidy.
Visit the Marketplace at:
connectforhealthco.com
Individuals whose income would not qualify, or do not wish to go through the process of obtaining a tax credit subsidy, may purchase a plan directly from an insurance company at regular pricing.
HUB International Insurance Services offers a broad range of health, dental, vision and similar benefits.
For information about the programs offered through HUB International and to get expert advice, contact Dan Jones at HUB International Colorado at 720.207.2365 or visit hubinternational.com.
Medicare is the Federal Government-sponsored healthcare plan primarily for individuals over the age of 65.
Original Medicare includes Part A to cover hospital expenses and Part be to cover medical expenses. In Colorado, Medicare offers 64 Advantage Plans for additional coverage. For more information about Medicare, please visit the resources provided below:
CRA has partnered with Delta Dental to offer retirees in our network dental insurance after you stop working.
You must enroll within 30 days of your retirement.
An annuity is a financial contract purchased through a life insurance company that guarantees regular income (usually monthly) for a specific period of time, your lifetime, or the lifetimes of you and your spouse. The most obvious appeal of annuities is the lifetime guarantee, which eliminates the worry of outliving your money.
As you weigh the benefits of income annuities, know that CRA offers a variety of distribution options for your CRA plan. These may be options to consider as alternatives to or in addition to annuity programs.
As a member of CRA, you have access to a low-cost lifetime income annuity program through Hueler Investment Services Inc.
Learn more about Lifetime Income Solutions® by calling a Hueler lifetime income specialist at 866.297.9835 or by visiting www.incomesolutions.com.
Withdraw the required RMD amount each period by completing the CRA Separation from Employment Withdrawal Request form, which can be accessed through the account portal or by calling 800.352.0313.
CRA can calculate and distribute the RMD amount periodically at your choosing. Just complete the CRA Automated Minimum Distribution Request form, which can be accessed through the account portal or by calling 800.352.0313
Colorado Retirement Association believes retirement plans should put employees and their retirement goals first. CRA retirement plans are designed exclusively for employees of Colorado counties, municipalities, and special districts.
As a CRA Plan Participant you may have one or both types of retirement plans offered through our organization. These plans are the 401(a) government employee retirement plan and the 457(b) deferred compensation plan. To learn more about the unique aspects of these plans, review the information below. If you have any questions or would like to make changes to your current plans, contact a CRA Retirement Counselor for assistance.
Our CRA 401(a) plan, previously known as the CCOERA 401(a) plan, is a unique retirement plan especially designed to help employees of Colorado local governing bodies reward themselves for their years of service and enjoy their retirement.
The 457(b) plan is voluntary. You can choose to start, stop, increase or decrease contributions at any time. Since investing experts today recommend putting between 15% and 20% of current income toward retirement, the 457(b) plan enables employees to augment the savings they are putting toward retirement beyond their 401(a) plan.
Although some 457(b) plans offer an after-tax option, most are pre-tax. With a pre-tax 457(b) plan, by deferring payment of a portion of your current compensation, you’ll pay taxes on this income at a later date – presumably in retirement, when you may be in a lower tax bracket. Conversely, most people will be in the highest income tax bracket during their peak earning years.
Both employer and employee contributions are mandatory to ensure consistent savings and help you realize your retirement goals. The details regarding the employer contribution amount and requirements for employees to participate are specified in each employer member’s participant agreement.
The contribution amount is set for an employee’s 401(a) plan by the employer.
Once set, that amount does not change for the duration of that employee’s employment, or until the member employer adopts a new participation agreement with new elections.
Some member employers allow employees to choose the employee contribution amount within specific limits. In that case, if an employee does not actively choose a contribution amount, the employer will automatically deduct a specified amount (typically a percentage of compensation) from the employee’s paycheck toward the 401(a) plan, and that amount will not change until the aforementioned criteria is met.
With the CRA 401(a) plan, your employer contributes toward your retirement savings in addition to the contributions that are automatically deducted from your paycheck.
Most employer members offer a vesting schedule to encourage employees to build tenure within their organization.
If an employee leaves the organization before they are fully “vested” (typically five years), a percentage of the employer contributions into their CRA account is forfeited – unless the employee begins employment at another CRA member employer within 30 days of leaving the prior member employer.
All employer contributions and investment gains are tax-deferred, and most employee contributions are before-tax. Those contributions and their earnings are not taxed until money is withdrawn.
Eligibility to access your savings through a distribution begins once you retire or leave your employer. It also may be accessible for people with a disability, or to designated beneficiaries if an employee participant dies. Some employers also allow employees to take out a loan on their retirement account.
It’s important to know that you don’t ever have to close your CRA account – even after you retire. It’s advantageous to keep your CRA account so you can continue investing, postpone taxes assessed on those earnings and keep growing your savings through compound earnings.
However, no further contributions are permitted after you retire. We offer many flexible distribution options so you can choose how much you want to withdraw and when, while also allowing the remainder to remain secure and to continue growing for you.
You can rollover a range of other retirement income into your CRA account. Types of plans that you can move into your CRA account include: 401(a), 401(k), 403(b), 457(b) and most IRAs.
Click here to read about the benefits of putting all of your retirement savings in one place.
One-on-One Counseling
We’re not just Colorado-based, we’re Colorado-exclusive.
Our certified retirement counselors are dedicated to helping you reach your retirement goals. We offer one-on-one counseling meetings to answer questions about your retirement accounts and provide resources for smart financial management.
Flexible investing strategies
We recognize that while some might consider themselves to be knowledgeable investors, others might be less comfortable choosing investments.
That’s why we offer both automatically allocated “target date portfolios” as well as a wide range of individual funds to select.
Best-in-class investment funds
With a CRA 401(a) plan, you have access to a full portfolio of investment funds, all of which are institutional class and have been selected for their performance and rate of return by our Board of Directors with guidance from Innovest Portfolio Solutions, a Denver-based registered investment advisory firm.
Competitive fees
As a not-for-profit organization, CRA’s focus is on helping our members save and invest for the future. Our low-cost fiduciary service fees allow you to make the most of each contribution.
The 457(b) plan is completely voluntary. You can choose to participate at any time, and you can decide when you want to increase or decrease your contributions.
Participants can contribute up to 100% of their salary, provided it doesn’t exceed the IRS stated dollar limit for the year. Read the section below for more details about IRS contribution limits.
Employees are allowed to opt-in, opt-out, increase or decrease their 457(b) contributions at-will.
All employee participants are immediately 100% vested in their 457(b) plan.
Ability to reduce taxable income
You determine the amount you want to contribute. You can choose either a pre- or after-tax 457(b) plan, if your employer allows both options. If you choose the pre-tax plan, you will inherently reduce your current taxable compensation. In some cases, this might place your income in a lower tax bracket. You may want to consult with a tax advisor before making your decision.
Tax-deferred earnings
When you choose the pre-tax 457(b) plan, your earnings are reinvested and are not subject to taxes during this phase. You will be responsible for paying income taxes on your savings when you make a withdrawal.
Alternatively, if you choose the after-tax 457(b) plan, you will not pay tax penalties when you withdraw your earnings because you have chosen to contribute a portion of your current after-tax compensation toward your 457(b) plan.
Contribution credit
Eligible employee participants may be able to use the IRS Retirement Savings Contribution Credit, a tax credit based on retirement plan contributions designed to encourage low and middle-income taxpayers to save for retirement. The credit amount depends on your filing status and adjusted gross income and changes each year as set by the IRS.
Unlike other retirement plans such as 403(b) and 401(a) accounts, participants can withdraw from 457(b) plans without penalty, regardless of your age, provided you meet distribution eligibility requirements. Remember though, a distribution from a deferred compensation plan may be subject to income tax assessments.
Just like other retirement plans, you need to start taking distributions, called required minimum distributions, or RMDs, from your 457(b) plan by the age of 70½ if you are not still working at that time, although you do not have to liquidate the account at that time.
You can move other retirement plan savings into your 457(b) plan in order to maximize potential compound earnings, simplify your plan management and get a more complete picture of your total retirement savings.
IRS contribution limits
According to IRS requirements for 2021, “a 457(b) plan’s annual contributions and other additions (excluding earnings) to a participant’s account cannot exceed”:
These limits apply for both the pre-tax and the after-tax 457(b) plans. If you split your contributions between the pre- and after-tax options, the amounts will be combined and must stay within the applicable annual limit.
Distribution and withdrawals
Unlike other retirement plans such as 403(b) and 401(a) accounts, participants can withdraw from 457(b) plans without penalty, regardless of your age, provided you meet distribution eligibility requirements. Remember though, a distribution from a deferred compensation plan may be subject to income tax assessments.
Just like other retirement plans, you need to start taking distributions, called required minimum distributions, or RMDs, from your 457(b) plan by the age of 70½ if you are not still working at that time, although you do not have to liquidate the account at that time.
Special provisions
Special Catch-Up Limits
For three years before the normal retirement age specified in your 457(b) plan, you may be eligible to contribute up to twice the annual limit. Or, you may be able to contribute the standard annual limit plus the amount of the standard limit not used in prior years (this is only allowed if you are not using age 50 or over catch-up contributions).
Retirement Savings Contributions Credit
The IRS Retirement Savings Contributions Credit provides a tax credit for voluntary contributions or elective deferrals to eligible retirement savings plans, such as the CRA 457(b) plan. The amount of the credit depends on your tax filing status and adjusted gross income. The amount of the tax credit can be determined by completing IRS Form 8880.
Consult your tax advisor for guidance on how these and other limits apply to your tax situation.
It’s YOUR retirement plan and YOU have the ability to design it however you like. CRA offers options for any level of investor.
For our hands-off participants who want their money invested wisely but don’t want to monitor it, CRA offers 12 Target Date Portfolios (TDPs). TDPs automatically re-allocate your investments as you get closer to your intended retirement date. This dynamic strategy allows your investments to be growth-focused at the beginning and middle of your career, then move towards savings preservation as you approach and enter retirement, without you having to make any changes yourself.
If you prefer to be more hands-on with your investments, CRA offers our participants 16 different funds to choose from. Create and manage your own portfolio to meet your savings goals and risk-tolerance.
If you fall on the ends of either side of the “Do It For Me” or “Do It Myself” spectrum and want a little more service or flexibility, check out our Additional Investment Services to find the right option for your ideal retirement plan.
Click the portfolio name to view fund details
| Target Date Portfolios | Age Range (Expected Retirement Date) | DOB Range |
|---|---|---|
| CRA Income TDP | 77 or older (2007 or before) | < 1942 |
| CRA 2010 TDP | 72-76 (2008-2012) | 1943-1947 |
| CRA 2015 TDP | 67-71 (2013-2017) | 1948-1952 |
| CRA 2020 TDP | 62-66 (2018-2022) | 1953-1957 |
| CRA 2025 TDP | 57-61 (2023-2027) | 1958-1962 |
| CRA 2030 TDP | 52-56 (2028-2032) | 1963-1967 |
| CRA 2035 TDP | 47-51 (2033-2037) | 1968-1972 |
| CRA 2040 TDP | 42-46 (2038-2042) | 1973-1977 |
| CRA 2045 TDP | 37-41 (2043-2047) | 1978-1982 |
| CRA 2050 TDP | 32-36 (2048-2052) | 1983-1987 |
| CRA 2055 TDP | 27-31 (2053-2057) | 1988-1992 |
| CRA 2060 TDP | 26 or younger (2058 or after) | >1993 |
Click to view fund overview and/or prospectus
For participants that prefer a completely guided approach to investing:
Although our Target Date Portfolios are designed to offer a diverse and balanced mixture of investment options based on how close to retirement you are, some participants feel more comfortable knowing that their portfolio has been customized to match their investment preferences and level of risk tolerance.
For these participants, we offer Empower’s Advisory Services, “My Total Retirement™,” a professionally managed retirement strategy created just for you.
For fees based on a percentage of your assets under management, you gain ongoing access to investment advisor representatives. Even if you prefer to manage your own investments but would like some assistance, Online Advice, available through Empower Retirement Advisory Services, generates personalized saving and investing suggestions to help you make decisions based on information you provide about your situation and your goals.
There is no guarantee provided by any party that participation in any of the advisory services will result in a profit.
For complete information regarding My Total Retirement, review the information linked below and speak with your CRA Retirement Counselor.
For the most confident “Do-It-Myself” Participants:
The vast majority of CRA’s participants invest in either our Target Date Portfolios, Individually Allocated Portfolio Options, or a combination of both. However, some participants want access to additional investment options outside of the CRA Select menu.
For those participants, CRA offers a Self-Directed Brokerage option through Schwab PCRA.
This alternative provides participants access to most publicly traded mutual funds, and virtually any publicly-traded stock or bond, as well as additional investment vehicles. Participants may invest up to 90% of their account(s) assets through this option.
For complete information regarding the Self-Directed Brokerage Account, review the information linked below and speak with your CRA Retirement Counselor.
Default Investment Policy (New Enrollment)
401(a) Loan Policy Administration (10-26-20)
Download the Most Up-to-Date Forms from Your Account
The most up-to-date forms for your plan(s) can be downloaded after logging into your CRA Account with Empower by following these directions:
457(b) Loan Policy Administration (10-26-20)
457(b) Deferred Compensation Retirement Plan Enrollment Form
(Return to your employer when complete)
All 457 plan contributions, whether employee or employer matching, are considered employee contributions and are subject to all applicable employment taxes. Money source BEF 4 for regular (before tax) 457 contributions and money source RTH 1 for Roth (after tax) contributions.
CRA is pleased to announce the election results for two Board of Directors positions. Voting closed on June 30 for the Western Slope Elected County
As all of us experience the rapidly changing developments related to the COVID-19 pandemic, Colorado Retirement Association wants you to know how we’re responding to
As communicated previously, our association has been working to restate the Colorado Retirement Association 401(a) and 457(b) plans. Revisions to CRA plan documents resulted from
Please note the following procedures for processing Required Minimum Distributions and one-time distribution/withdrawal requests: RMDs CRA’s recordkeeper will pay out 2019 RMDs for eligible participants,
There are two primary categories of costs associated with operating any retirement plan: investment fees and administrative fees. Investment fees are generally the largest component
Use this video walk-through to learn how to use guided payroll
Use this video walk-through to learn how to process payroll using a file upload.
Use this video walk-through to learn how to process payroll using a Payroll Bridge.
This tutorial shows how to add a new employee using the Plan Service Center (PSC).
This tutorial shows how to update an existing employee’s information using the Plan Service Center (PSC).
Default Investment Policy (New Enrollment)
401(a) Loan Policy Administration (10-26-20)
Download the Most Up-to-Date Forms from Your Account
The most up-to-date forms for your plan(s) can be downloaded after logging into your CRA Account with Empower by following these directions:
457(b) Loan Policy Administration (10-26-20)
457(b) Deferred Compensation Retirement Plan Enrollment Form
(Return to your employer when complete)
IRS defined contribution limits apply to the total contributions (pre-tax and/or after-tax) to a single plan type by both an employer and employee. Rollover contributions
Economic Developments & Market Update & Market Update Economic Developments The S&P 500 Index declined 1.59% in August, bringing its total year-to-date (YTD) return to 18.73%. While negative for the month,
Checking Under the Hood How to Perform a Six-Step Maintenance Checkup on Your Retirement Plan Does your retirement plan make curious noises when it travels
Do Not Remove Tapping Your Retirement Account for Other Financial Needs Can Have Costly Consequences According to a December 13, 2022, article in The New
TARGET DATE PORTFOLIO REALLOCATION Effective April 14, 2023 In a continual effort to assist you in meeting your retirement goals, CRA will be adjusting the allocations of the
Saving at Any Age Saving. Do you view it as an ongoing journey? Or do you consider saving as someplace you arrive at? At America
Paying Down Debt is Saving Making the decision to pay down debt, particularly consumer debt, can be mixed with emotion. You feel good about choosing
Saving for Major Milestones What do homes, education, and retirement all have in common? They are major life milestones that require advance planning and saving
Saving for the Unexpected How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially
Determine if your savings are on track for retirement. If not, estimate how much you may need to save each year to reach your goal.
Estimate how much money you may earn from your investments over time, based on the amount of money you invest and the expected rate of return.
Understand the impact that annual withdrawals may have on your retirement account so you can estimate how many years your savings may last.
Understand when you will be required to begin withdrawing from your retirement savings and how much you will need to withdraw each year.
Explore your monthly fixed and flexible expenses and identify areas for additional saving.
Should you use your extra money to pay down debt or put into an investment? Generally, it’s advisable to invest only if the return on investment would exceed your cost of debt. Explore how your rate of return could compare to your cost of debt, taking taxes into account.
Get answers to frequently asked questions.
You can easily check your balance by logging into your account.
You will see your total CRA retirement savings account balance on the account dashboard, and you can click on Account to see the specific saving amount in your 401(a) and, if applicable, 457(b) account.
On the account portal, you also can review your plan’s rate-of-return, transaction history, statements, beneficiaries, investments, loan and withdrawal history and forms to make changes to your account.
Alternatively, you can call 800.352.0313 during standard business hours to check your balance, or review your quarterly statement.
Forms for withdrawals can be accessed through your account under the Accounts tab, then Plan Forms, or by calling 800.352.0313. There are a variety of forms for different types of withdrawals, or distributions, depending on those that are allowed in your plan.
Although you never have to close your CRA account in order to continue enjoying the benefits of our services and support, you are eligible to receive a distribution from the retirement plan upon any of the following events:
Be aware that distributions may be subject to standard income taxation and/or early withdrawal penalties. In addition to losing tax-deferred benefits by withdrawing money from your account, you will be losing out on compounding interest that otherwise would position your money to grow with you and be available when you retire.
Some employers have elected to set up a loan program through their CRA retirement plans. Please contact your employer to determine whether they offer loans through the CRA retirement plan. Loans should be reserved only for circumstances of extreme financial need.
You may leave your CRA accounts intact when you terminate employment or retire. You will continue to have the ability to manage the money in your account, access personalized retirement counseling and all CRA features and services. Leaving your CRA account active may be more cost-effective and advantageous than moving your money elsewhere when you change jobs or retire.
We charge an annual account administration fee of $28 or 0.25% of a participant’s combined account balances (whichever is greater). This administration fee is capped for accounts with a balance exceeding $400,000, combined across 401(a) and, if applicable, 457(b) accounts.
This is the only fee we charge to cover our annual budget and is highly competitive in this industry. And there’s no hidden fees – we’re up front and transparent about our costs.
No. Mutual fund rates of return are always net of their operating expenses. With CRA’s size and purchasing power, our institutional-class funds have some of the lowest expense rates in the industry.
These plans differ in terms of participation, contributions and financial risks.
Defined contribution (DC) retirement plan – e.g., 401(a), 401(k), 403(b), etc.
A defined amount is contributed into an individual retirement account each period.
Defined benefit (DB) retirement plan, or “pension plan” – e.g., Colorado PERA, FPPA, etc.
Plan defines retirement or other benefit based on certain conditions and formulas. Commonly referred to as a pension.
Deferred compensation retirement plan – e.g., 457(b) and some 401(k), 403(b) and pension plans, etc.
Agreed-upon compensation is set aside and paid at a later date.
They are very similar by design. Generally, you will only find 401(k) plans in the private sector because governmental entities are no longer eligible for 401(k) plans. Likewise, 401(a) plans are only available to public-sector employees.
The 401(k) plan often offers discretionary participation, rather than mandatory participation, and there are other differences regarding contributions, distributions, etc.
The benefits of putting all of your retirement savings in one place include:
All of the money invested in your CRA retirement savings account continues to grow while also being tax-deferred and sheltered from current income tax. Additionally, you can continue to access CRA’s unparalleled support and services, including flexible investment options and professional retirement counseling.
A person’s plans to spend their retirement years will vary widely based upon their age, health, ambitions and available resources to fund retirement. Besides creating a budget for retirement, you need to consider how you will use additional retirement benefits provided by the federal government, such as Social Security and Medicare.
Most people still think of 65 as the approximate age that they plan to retire, but that may mean you could be living off of retirement savings, Social Security and other retiree benefits for multiple decades.
Although retirement benefits are a significant portion of the Social Security program, benefits received from Social Security were never intended to fund a person’s entire retirement. Often, Social Security benefits represent less than half of a retired person’s income. Additionally, while some healthcare costs might be offset by Medicare, you may still be paying a monthly premium for certain services such as physician services, medical supplies and prescription drugs.
Generally, the rule of thumb for retirement savings is to accumulate enough to replace 70%-80% of your working annual income, including Social Security. Naturally, that percentage will vary depending on how comfortably you want to live. As retirement nears, it’s a good idea to calculate a more specific estimate of your retirement budget.
If you’ve got several years before you retire and are uncertain what percentage of your current income should go toward retirement savings, most experts today recommend striving toward saving 15%-20% of your income now to put toward future retirement income.
You may leave your CRA accounts intact when you terminate employment or retire. You will continue to have the ability to manage the money in your account, access personalized retirement counseling and all CRA features and services. Leaving your CRA account active may be more cost-effective and advantageous than moving your money elsewhere when you change jobs or retire.
You have several choices for your savings when you retire. Once you retire, you can access your money when you need it through a variety of distribution options, such as when you need it or on a periodic schedule. Be aware, however that whatever you withdraw from your account will no longer be tax-deferred or grow through compound earnings. You do not need to close your CRA account when you retire.
Many CRA employee participants choose to choose to take distributions over time to spread the tax consequence over several years. You should speak to a tax advisor to determine the best withdrawal method for you.
The voluntary 457(b) deferred compensation plan is not subject to the early withdrawal penalty, regardless of your age at the time of distribution. Remember though, a distribution from a deferred compensation plan may be subject to income tax assessment.
To withdraw a portion of your CRA plan, complete a Separation from Employment Withdrawal Request form, which can be accessed through the account portal or by calling 800.352.0313.
Additionally or alternatively, you might choose an annuity product to create a guaranteed lifetime income stream. We encourage you to speak with a range of lifetime income providers to discuss your annuity options; one you can contact is Hueler Investment Solutions at incomesolutions.com or by calling 866.297.9835.
The amount of taxes that you will owe when you make a withdrawal will depend on your personal tax situation.
Withdrawals from your CRA retirement accounts are considered “normal income” for that tax year. The amount of taxes that we are required to withhold from your distribution will vary depending on the type of distribution and the distribution reason. They may be subject to 20% IRS tax withholding. On top of that, distributions may be subject to 10% withdrawal penalties (on the full amount, not the 80% you actually received!) when you file taxes for anyone younger than 59½.
Consult a tax professional for tax advice and considerations.
“Future contribution allocation” refers to the investment of contributions not yet received. This section shows what percentage of each future (new) contribution will be invested in each option.
“Current investment allocation” refers to the allocation of the money already invested in your account. The figures show how much of your total account value was invested in each option on the last day of the statement report period.
Investments can be viewed and managed through your account portal. Click on the Account tab to view your investments, investment lineup and individual fund performance, values, trends and research, in addition to being able change your investments.
The changes you can make with your investments include:
Changes can be made daily, as often as the New York Stock Exchange is open. CRA maintains a daily valuation record-keeping system that provides for daily investment transactions.
The best source for employer forms and plan documents is the PSC.
There are two ways to submit payroll:
Option 1 – Enter payroll manually;
Option 2 – Upload payroll file.
You can follow the steps below to run the most popular reports:
Login to your PSC account
On the left navigation menu, choose Reports > Standard Reports
You will see several tabs (categories) of plan reports. The tab “Most Frequently Used” tab contains the most popular reports used by plan sponsors
It’s important to become familiar with your quarterly statement and how it pertains to your retirement account activity. A better understanding of your account activity may help you take a more active role in achieving your financial goals for a comfortable retirement.
Login to your PSC account
Enter the participant’s Social Security number into the search field.
Click on the Employee Detail tab.
Under Employment Information, click on Edit.
Input the employee’s term date in the Term Date field. All other fields should remain unchanged.
Click Save.
To update your preferences and enroll in paperless statements, log into the account portal, click on your name and update your communication preferences.
There are several benefits of going paperless:
Follow the four steps to access your online account: Click the Employee Login button on cra-online.org;
Click Login Help to create an account;
Enter the verification code sent to your device;
You’re in!
To request a Plan Service Center, or PSC, account:
1. Submit a Client Contact Change Form and submit it to your CRA client services manager
2. The plan sponsor must designate the level of PSC access for the user
3. The identified users will receive an email notification when their PSC authorization request has been completed. They also will begin receiving important employer member information, updates and resources
4. Follow the email instructions to create a login and access the PSC
What to consider if you’re taking a planned or unplanned retirement during difficult times.
From living expenses and budgeting to emotional and psychological impacts, learn more about how you can be ready for retirement.
Look at the impact of saving in your retirement plan and ways to save more.
How to align your investments with your goals and risk tolerance to prepare for market ups and downs.
Learn investing basics and how to become a smarter investor.
Learn about the importance of saving now to help you afford your living expenses after retirement.
techsupport@retirementpartner.com
800-695-4952
If this information changes, you can find updated contact information by logging into your PSC account and navigating to the ‘Contacts’ link on the left menu.
- Visit the Login Page
- Enter your username and password and click the Sign In button
- You will be sent a verification code via email or text to complete the login process.
If you experience problems logging in the first time, contact Client Services. (Under Contact Information)
- The assigned username was established when your website was create and cannot be changed; however you can create a registered username during the account setup process.
- If you do not choose to create a registered username upon account setup, you may do so anytime you visit the website.
- Simply click the My profile link located at the top of the webpage and select the Change Username option.
- You will be directed to choose a registered username that may be easier for you to remember.
- Click Update to complete this process.
Please note: registered usernames are case sensitive and assigned usernames are not.
- Passwords can be changed any time after logging in to the website via the My profile link located at the top of the webpage.
- Select the Change Password option and follow the prompts.
Passwords must be between eight and 64 characters in length and contain at least three of the following character sets: lowercase letters, uppercase letters, numbers, and/or special characters (! @ # $ (){}[].-_).
- Click on the Login Help link and follow the prompts.
- You will be sent a unique verification code via email or text which will allow you to create a new password.
- If you are a new user, you will be sent an email with a password to use the first time you login. After initial login, you can change your password as you set up your account.
Yes. If you successfully logged in to the website in the past, you can log in by setting up a new password via the Login Help link and the process described above.
If you are a new user, please call Client Services (Under Contact Information) to have your password reset.
Passwords are sent in a separate email from the email you received with your username. If this secondary email was not received, please call Client Services (Under Contact Information).
To change your email address, log in to the website and click the My profile link located at the top of our webpage. Select the Email Address option and follow the prompts.
For security purposes, usernames are not allowed to be transferred from one person to another. Each username belongs to one specific person. To request a new username, please call Client Services (under the Contact Information).
- General and plan documents are located within the Fiduciary Center menu.
- Employee forms are located within the Participants menu.
Users with appropriate access can view, add and update ACH information on our website within the Administration menu.
What are you saving for?
A second home?
Travel around the world?
Our certified retirement counselors are dedicated to helping you reach your retirement goals. We offer one-on-one counseling meetings to answer questions about your retirement accounts and provide resources for smart financial management.
We’re not just Colorado-based, we’re Colorado-only. We are committed to providing service and support that Colorado residents deserve and expect.
Finding the right balance between risk and investment return is key to a successful retirement savings strategy. With the help of Innovest Portfolio Solutions, a Denver-based registered investment advisor, CRA offers best-in-class investment options for your 401(a) and 457(b) retirement plans:
These are intelligent portfolios created by investment professionals, with oversight from CRA’s Board of Directors, to maximize savings whether an investor is early in their career, in the middle stages or approaching retirement.
Managed by Galliard, a subsidiary of Wells Fargo Bank, our stable value fund pays a specified rate of return over your entire retirement timeline. It helps you preserve your capital, as the level of risk is relatively small, while delivering stable rates of return that lead to a healthy retirement fund in the end.
CRA offers a wide variety of equity (stock) and fixed investments to choose from, all of which are available at institutional rates.
For access to funds beyond CRA’s comprehensive portfolio, employee participants can open a Schwab Personal Choice Retirement Account through Charles Schwab & Co., Inc.
As a not-for-profit organization, CRA’s focus is on helping our members save and invest for the future. This is reflected in low-cost fiduciary services. Plan participants enjoy minimal administration fees for comprehensive plan management services. And you don’t have to worry about hidden fees – we’re fully up-front and transparent about our costs.
Even after employees move on or retire from CRA-participating employers, they can maintain their CRA (previously known as CCOERA) plans with us. This means you can enjoy our low administrative fees, personal touch and excellent services regardless where you are working and even through your retirement years.
Member employers love us because we manage all of the administrative, due diligence and financial responsibilities for them. As an end-to-end solution to employers, we help you reduce the risks, time and resources of fiduciary liability so you can drive your organization forward.
Our Board of Directors is elected by plan participants, county commissioners and municipal and political subdivision employers. They have a personal stake in the quality of our services and are inherently interested in ensuring the association delivers the best possible plans at the lowest possible cost.
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