PERSI Gains Sharing

[Tom Trail <ttrail@moscow.com>]

Visionaries:

   Many citizens of District 5 are active participants in the Public Employee
   Retirement System of Idaho.   Noted below is the latest update.
>This is a fuller explanation of what will be happening with PERSI in terms
>of impact
>of gains sharing.  Retirees will also get about an extra months benefit
>as a result of the gains sharing pool.
>
>>The PERSI fund return for the year is 13.2%.  It is estimated that
>>the gains sharing dollars available will be $150 million.  The PERSI
>>board will meet in October to set the actual amount that will be
>>utilized.
>>
>>Gains sharing for each employee will be based on THEIR PERSI
>>contributions plus interest.  This is often referred to as an
>>employee's "account balance".  That figure is listed on each
>>employee's annual statement received from PERSI.  The account
>>balance is an accumulative figure covering an individual's
>>contributions over the years they have been in PERSI.  This figure
>>does NOT include the employer's contribution.  PERSI has run an
>>average "account balance", based on current members.  If your
>>"account balance" is $24,500 - your gains sharing would be
>>approximately $1,000.  The money will go into a 401 tax deferred
>>type of account.  PERSI will be sending out information and setting
>>up accounts this fall.  They anticipate the transfer to the accounts
>>in January of 2001.
>>
>>Initially the new accounts will be managed under PERSI, but other
>>investment options and voluntary contributions will be made
>>available later on.
>>
>>Retirees will receive an additional check in January or February of
>>2001 that will be approximately one months benefit.
>>
>>Because of these changes the PERSI annual statements should
>>be out in October.  PERSI will also send each employee a
>>statement of their gains sharing account after the January 2001
>>distribution has taken place.
>>
>>This is a significant change in the retirement options available to
>>state employees.
>
Rep. Tom Trail/Dist. 5

Dr. Tom Trail
International Trails
1375 Mt. View Rd.
Moscow, Id. 83843
Tel:  (208) 882-6077
Fax:  (208) 882-0896
e mail ttrail@moscow.com