Public Employees Retirement Plan (PERF)

Non-exempt staff (excluding PAO & PAU) and part-time (formerly temporary) employees appointed prior to July 1, 2013, are are eligible to participate in PERF.

This includes employees who normally work at least 50% full-time equivalent upon their appointment and are expected to work at least 1000 hours or more a year.

Non-exempt: overtime-eligible.

Being vested means you are entitled to 100% of your retirement plan.

IU participants must have at least 10 years of PERF creditable service (or at least 5 years PERF creditable service before becoming eligible for the IU retirement plan) to have a vested right to the pension benefit.

PERF has two separate and distinct benefits: a pension benefit and a defined contribution account benefit.

1. Pension benefit
   The full (unreduced) pension benefit is an annual benefit payable for life that is based on the following formula:
   Years of PERF creditable service X final average salary X 1.1% = annual benefit for life
   
   
2. Defined contribution account benefit (formerly called the annuity savings account)
   The defined contribution (DC) account benefit is an employer contribution equal to 3% of a participant’s compensation per pay period that is contributed to an individual participant account at the end of each pay period by Indiana University.

Yes, in some cases you can. You may invest your defined contribution (DC) account in one or more investment funds. The default investment is an age-appropriate target retirement date fund.

Take action:

• Change or review investment options by calling PERF customer service center at 1-888-526-1687, or by logging onto www.in.gov/inprs to access your account
• Learn about PERF Investing 101

In-service withdrawals: If you are age 59½ or older and meet the age and service requirements for normal retirement, you can begin taking distributions from your defined contribution account while continuing to work for IU.

Millie Morgan Provision: If you are age 65 or older and have 20 or more years of PERF creditable service, you can begin receiving your PERF pension while continuing to work for IU. Learn more about the Millie Morgan provision.

Non-covered employees (past PERF participants): If you previously participated in PERF, but are no longer in a PERF-covered position, you may be eligible to begin receiving your PERF pension while continuing to work for IU as long as you meet the age and service requirements for normal retirement.

For additional information, contact IU Human Resources at askHR@iu.edu or 812-856-1234.

Generally, a participant must terminate employment with Indiana University and all other state employers who are participating employers in PERF in order to be eligible to receive distribution of plan benefits.

A participant's distribution options will differ depending on the following participant circumstances:

• The participant terminates employment and does not qualify for a pension benefit ("cash-out provision");
• The participant terminates employment with 5 or more years of PERF creditable service and is disabled ("disability provision"); or
• The participant terminates employment and qualifies for a full or reduced pension benefit ("retirement provision")

To be eligible to receive a full (unreduced) pension benefit, a participant must satisfy the following conditions:

• The participant terminates employment or is in a “non-covered” position with IU;  and
• The participant must satisfy one of the following age and service conditions:
  1. Attainment of age 65 with 10 or more years of PERF creditable service (or at least 5 years creditable service before becoming eligible for the IU Retirement Plan;
  2. Attainment of age 60 with 15 or more years of PERF creditable service; or at least 10 years PERF covered service before switching to IU Retirement Plan
  3. Attainment of age 55 with the participant's age and total number of years of PERF creditable service equaling 85 or more