KEEPING YOUR CONTACT INFORMATION CURRENT

continued on page 2...

First Quarter 2021

Public Employee Retirement System of Idaho

Boise | Coeur d’Alene | Pocatello

PERSpectives

FOR RETIREES

TOPICS / Keeping Your Contact Information Current pg. 1-2 / Don’t Wait To Get Your Star Card – Idaho’s Real ID pg. 2 / A Quick Look At Required Mini-

mum Distributions pg. 3 / Bulletins pg. 4

As a retiree, you have options for keeping your contact information current with PERSI. Your quickest

and most convenient option may be to submit updates online in your myPERSI portal. You will need to

be registered for a myPERSI account before you can make any updates.

To register for a myPERSI account, you will need to request and receive a PIN num-

ber through the US mail. Once you receive your PIN number, you may use your PIN

number to register for a myPERSI account and then make updates.

Another option is to call PERSI and speak with a customer ser-

vice representative who will direct you to the appropriate

paper form.

The following will specify what is required to make up-

dates to your mailing address, phone number, and email

address:

MAILING ADDRESS

Update your mailing address in your myPERSI account under the “Personal Info” tab in the myPERSI

portal. You may update your mailing address by mailing, emailing, or faxing a completed Member

Mailing Address Change form to PERSI.

NOTE: Updating your mailing address with PERSI only updates your mailing address with PERSI and

your PERSI Choice 401(k) Plan account, if you have one. You will still need to update your mailing

address with the United States Postal Service.

PHONE NUMBER

Update your phone number by calling PERSI or you may update it in your myPERSI account.

NOTE: Updating your phone number with PERSI only updates your phone number with PERSI and

your PERSI Choice 401(k) Plan account, if you have one. Also, PERSI does not text any information.

KEEPING YOUR CONTACT INFORMATION CURRENT

...continued from page 1

EMAIL ADDRESS

If you need to change your email address, log into your myPERSI account and change it in your

proﬁle. Keep in mind, your email address is also your username for myPERSI.

PERSI will only email personal ﬁnancial information to an email address that is registered and au-

thenticated through the myPERSI online registration process.

NOTE: Email addresses cannot be updated over the phone.

PERSI CHOICE 401(k) PLAN

By updating your contact information with PERSI, your PERSI Choice 401(k) Plan account will also be

updated.

If you have questions, please call the PERSI Answer Center 1-800-451-8228 or (208) 334-3365 in the

Boise & surrounding areas.

If you haven’t got your Star Card-Idaho’s Real ID, now’s the

time to get your documents in order and obtain one before

the Oct. 1, 2021 deadline. Due to the pandemic, the federal

deadline was extended one year.

Without a Star Card, passport, or other compliant identiﬁca-

tion, citizens won’t be able to board a plane or enter a federal

facility after Oct. 1, 2021.

“Preparing now is critical and will save you headaches later

when you may have an important planned or unplanned trip,

and you get turned away from boarding a plane because you

don’t have a compliant ID,” said Division of Motor Vehicles

Administrator Alberto Gonzalez.

You must obtain a Star Card in person by visiting your county

driver’s license oce with documents that prove your iden-

tity, social security and residency. The DMV is encouraging

customers not to wait until the last minute, in an eort to

reduce crowds and long lines in statewide licensing oces

as the deadline gets closer.

To determine which documents you need, visit itd.idaho.

gov/starcard and click on the “Add the Star” tool. The public

is also encouraged to call the DMV at 208-334-8736 if they

have questions about the process.

DON’T WAIT TO GET YOUR STAR CARD — IDAHO’S REAL ID

A QUICK LOOK AT REQUIRED MINIMUM DISTRIBUTIONS

Ali Belden | Direct 208-345-5201 | Toll-Free (844) 446-8658 Ext. 20461

[email protected]

Oscar Lopez | Direct 208-345-1120 | Toll-Free (844) 446-8658 Ext. 20431

oscar[email protected]

Do you have questions? Schedule a call or online visit with your local Empower

Retirement representative.

Contributed by Empower Retirement, recordkeeper of the PERSI Choice 401(k) Plan

Did you know that if you are happy with your PERSI Choice 401(k) plan, you may keep your funds in

your account after you retire? It’s true. You may keep your account where it is and continue to access

all the features and investment options you have used all along.

However, you cannot keep all the funds in your account indeﬁnitely. At

some point, the IRS requires you take mandatory annual withdrawals.

Mandatory annual withdrawals are also known as required minimum

distributions, or RMDs.

Following are a few things to know about RMDs:

THE RULES RECENTLY CHANGED – If your 70th

birthday was before July 1, 2019, you had to begin

taking RMDs from your account when you reached

age 70½. For those who reach age 70 after July

1, 2019, the rules recently changed. People in this

category do not have to begin taking RMDs until they

reach age 72.

BE AWARE OF YOUR BEGINNING DATE FOR RMDS – In general, you must begin taking RMDs by

April 1 following the calendar year in which you reach age 72 (or age 70½ if you were born before July

1, 1949) or the year you retire (whichever is later).

THE AMOUNT VARIES BY PERSON – There is no ﬁxed amount for an RMD. It depends on your

account balance and the formula on the calculation worksheets the IRS provides.

THERE ARE PENALTIES FOR NOT TAKING YOUR RMD – If you fail to take your RMD, you may face a

ﬁnancial penalty. The amount not withdrawn may be taxed at 50%.

At ﬁrst glance, RMDs can be a little confusing. The IRS provides an online FAQ that can answer

questions you may have. You can also contact your local plan representatives, Ali or Oscar, with any

questions.

Plan provisions may provide for the automatic distribution of small balances.

Securities oered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an aliate of Empower

Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal

Capital. This material is for informational purposes only and is not intended to provide investment, legal or tax

PRSRT STD

U.S. POSTAGE PAID

PERMIT NO. 829

BOISE, IDAHO

BULLETIN • BULLETIN • BULLETIN • BULLETIN • BULLETIN • BULLETIN

607 North 8th Street • Boise, Idaho 83702 • www.persi.idaho.gov • Base Plan: 208.334.3365 or 1.800.451.8228 • Choice Plan: 1.866.437.3774

P.O. Box 83720

Boise, ID 83720-0078

RETIREMENT BOARD OF DIRECTORS

Je Cilek, Chairman

Joy Fisher, Trustee

Celia R. Gould, Trustee

Park Price, Trustee

Darin DeAngeli, Trustee

Executive Director • Donald Drum

Deputy Director • Michael L. Hampton

Public Information Ocer • Jenny Flint

www.persi.idaho.gov

Costs associated with this publication are available from PERSI

in accordance with Idaho Code 60-202.

UPCOMING HOLIDAYS

PERSI will be closed in observance of the following holidays:

• Monday, May 31 – Memorial Day

• Monday, July 5 – Independence Day

If you have questions, call the PERSI Answer Center at

1-800-451-8228 or 208-334-3365.

DO YOU HAVE A

myPERSI ACCOUNT?

With a myPERSI account, you may receive your

PERSI annual statements, conﬁrmations of chang-

es, and other documents sooner and in a secure

location by setting your preferred method of com-

munication to “electronic” in your account.

By choosing electronic communication, under

the Personal Information tab on your myPERSI

page, you will receive an email alert when new

documents are available, including your retiree

newsletter.

Then you can log into your myPERSI account to

download the documents.

myPERSI Login

CLICK HERE