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The Public Employees' Retirement Fund was created on July 1, 1945, to provide secure, long-term pension benefits for Hoosiers who choose careers in public service.
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.
Effective March 1, 2013, brand new employees of the state of Indiana will have 60 days from their date of hire to choose between two retirement options – the traditional PERF Hybrid plan or the Annuity Savings Account Only (ASA Only) plan. Members who do not choose within 60 days are defaulted into the PERF Hybrid plan. Whether by choice or default, the plan election may not be changed.
Joining PERF under the Hybrid Plan
Hybrid Plan Member Handbook
Working in a PERF-covered Job under the Hybrid Plan
Leaving a PERF-covered Job under the Hybrid Plan
Collecting Retirement Benefits under the Hybrid Plan
Joining PERF under the ASA Only Plan
ASA Only Plan Member Handbook
Working in a PERF-covered Job under the ASA Only Plan
Leaving a PERF-covered Job under the ASA Only Plan
Collecting Retirement Benefits under the ASA Only Plan