Indiana Public Retirement System (INPRS) - PERF

Ivy Tech is pleased to provide you with a retirement benefit to supplement your retirement income. No one source of income by itself is likely to be sufficient for your income needs at retirement. The income from your Ivy Tech retirement plan will add to the income from Social Security, retirement plan income from other employers, and any other investments you may hold. The Indiana Public Retirement System includes the Public Employees’ Retirement Fund of Indiana (PERF), a retirement program for certain employees of the State of Indiana. It provides retirement, disability and survivor benefits to employees covered by the program.

Eligibility

All Full Time, hourly employees hired on or before June 30, 2014 are eligible for PERF membership beginning with their first day employed with the College. Under the PERF program, if you attain 10 or more years of service, you will be entitled to benefits when you meet the age and service requirements for normal or early retirement.

PERF is a defined benefit plan under IRC Section 401(a) with a defined contribution feature.  Benefits are comprised of two parts; an employer financed pension benefit and a PERF Annuity Savings Account.  The pension benefit is calculated based on your age at retirement, your years of service in a PERF-covered position, your PERF Annuity Savings Account may be withdrawn or converted into a monthly benefit.  You may select how to invest the account from among the investment options offered by PERF.

Contributions

The College contributes to PERF to fund your pension benefit in an amount determined by the State of Indiana.  Additionally, the College makes a contribution of 3% of your gross wages to PERF on your behalf.  This 3% is the Annuity Saving Account and is referred to as the “Employee’s Contribution.”

Additional Information

Additional information about PERF benefits can be found online at www.in.gov/inprs or by contacting PERF directly.