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You will learn about the opportunities and responsibilities of membership in the fund, options available to you during your career in public service, and your benefits when and if you retire.
We urge you to read this handbook completely in order to understand the overall benefits of PERF membership. You may make photocopies of all information provided.
The best way to find the most current information is to use this Web site.
You are encouraged to register for PERF Online. You can update your address, select or change your beneficiary information and change your investment allocations. You can access PERF Online via the "Member Login" button in the left navigation bar or via the link in the "Online Services" box in the upper right-hand corner of this site. Once you have registered, you will receive a PIN number that you will use to log in.
|The laws and regulations governing the Indiana Public Employees' Retirement Fund may be found in Titles 5-10.2 and 5-10.3 of the Indiana Code and Title 35 of the Indiana Administrative Code. While every attempt has been made to verify that all the information in this handbook is correct and up-to-date, PERF does not make any representation or warranty as to the completeness or accuracy of any information provided herein. The content of this handbook does not constitute legal advice, and nothing herein should be considered a legal opinion. In the event of a discrepancy between information in this handbook and the laws of the state of Indiana, the applicable law shall apply.|
Founded in 1945, Indiana PERF is now one of the largest pension funds in the United States – both public and private.
The fund works with more than 1,100 participating employers across the state in serving approximately 220,000 active members, 56,000 benefit recipients and their families. Benefits paid by the fund come from the contributions of public employers and members and returns on the investment portfolio.
PERF is responsible for receiving contributions from employers and members, investing those funds in a prudent manner and paying benefits to qualifying members. Since 1996, PERF has been authorized by state law to invest the assets of the Consolidated Retirement Investment Fund (CRIF) in the stock market.
Effective July 1, 2010, the board of trustees of the Indiana State Teachers’ Retirement Fund (TRF) and the Public Employees’ Retirement Fund (PERF) was required to appoint and fix the compensation of a common director for TRF and PERF. Each fund is required to pay 50 percent of the director’s compensation and each fund is required to cooperate to the extent practicable and feasible in administering and investing the assets of the funds and in hiring investment managers, investment advisors, and other service providers.
Effective July 1, 2011, in accordance with Indiana law, the Indiana Public Retirement System (INPRS) is established. INPRS will administer and manage TRF, PERF, the Prosecuting Attorneys’ Retirement Fund, the 1977 Police Officers’ and Firefighters’ Pension and Disability Fund, the Legislators’ Retirement System, the Judges’ Retirement System and the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ Retirement Plan. INPRS will also oversee three non-retirement funds including the Pension Relief Fund, the Public Safety Officers’ Special Death Benefit Fund and the State Employees’ Death Benefit Fund. Each of the current funds will remain separate and will be administered by the nine-member board of trustees of INPRS.
We advance the achievement of retirement security for current and future retirees and beneficiaries through our delivery of operational and investment excellence, exemplary customer service and trusted stakeholder communication.
Appointed by the Governor by July 15, 2011, the board consists of the following:
An executive director carries out the policies set by the board and administers the fund on a daily basis (IC 5-10.5).
Annuity Savings Account (ASA) – the individual account provided for each member of PERF that is funded by 3 percent mandatory contributions. These contributions are paid either by the member in payroll deductions or by the employer on the member's behalf. Voluntary contributions, interest and earnings may also be added to this account.
Beneficiary – in general, the person or institution designated to receive all or part of your PERF benefits upon your death. There are several types of beneficiaries, which are further discussed throughout this handbook.
Contributions – funds paid to PERF by employers and/or employees to fund future benefits. Pre-tax contributions are paid to PERF from any source (wages, employer-paid contributions, rollovers) prior to the calculation of income taxes. Taxes on pre-tax contributions are deferred until the funds are distributed before retirement or paid as a retirement benefit. Post-tax contributions are paid to PERF after income taxes have been calculated. No additional tax obligations will accrue once a distribution or retirement benefit payment has been made.
Creditable Service – each period of continuous employment in a PERF-covered position. Creditable service is important in determining your qualification for benefits.
Employer – a participating public entity that employs PERF members.
Mandatory Contributions – contributions to the ASA that must be made as required by state law.
Member – a public employee enrolled in PERF.
PERF-Covered Position – any eligible position for which an employer elects to cover and make contributions to PERF to fund pension benefits.
Pension Benefit – a lifetime monthly retirement benefit paid by PERF either to an eligible member after retirement from PERF-covered employment or to the member's eligible survivor. This benefit is funded by PERF employers.
Public Employee – an employee of the state of Indiana, public schools and universities, and other state and local political subdivisions. Employees of private companies are not eligible for membership.
Survivor Beneficiary – the person receiving a designated percentage of your PERF benefits upon your death. There are several types of survivor beneficiaries, which are further discussed throughout this handbook.
Vesting/Vested – the minimum amount of time you must work in one or more covered positions to qualify for a benefit from a retirement fund.
Voluntary Contributions – contributions made to the ASA that a member may choose to make through payroll deductions if his or her employer participates in the program.