PERF Reaches 100 Percent On-Time Milestone
100 Percent of December Retirements Processed without Payment Interruption
INDIANAPOLIS (Feb. 9, 2007) - The Indiana Public Employees' Retirement Fund (PERF) reached a significant milestone in December with 100 percent of retirements processed without payment interruption. This information was included with quarterly scorecard data submitted to PERF's board of trustees at its Feb. 9 meeting.
"Two years ago this data was not trackable at PERF. And, a year ago, just 5 percent of applications were processed on time," said PERF Executive Director David Adams. "Today, we can assure retirees who follow our process that they will have little or no interruption between their last paycheck and first retirement benefit."
The gains were achieved with significant internal improvements and a strong communication and education effort. This includes PERF's Bridge to Retirement, a process members follow prior to retirement to ensure a smooth retirement experience. The process is supported by pre-retirement workshops conducted throughout the state.
One-year gains in customer service also were reflected in a 42 percent improvement in the average number of days from a member's date of retirement to first paycheck, and a 62 percent drop in the average number of days to provide a distribution of a member's annuity savings account.
PERF's quarterly scorecard also showed solid performance in investments, where PERF achieved a 5.9 percent quarterly return for the Consolidated Retirement Investment Fund (CRIF). The annual rate of return for the period was 13.7 percent, surpassing the agency benchmark of 13.4 percent.
The Public Employees' Retirement Fund (PERF) is a $16.1 billion retirement fund headquartered in Indianapolis that serves the needs of more than 220,000 public employees and retirees throughout Indiana. For a copy of PERF's annual report, visit http://www.perf.in.gov/ and click "Investments."
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CONTACT:
Jeff Hutson
Director of Communications
(317) 234-3401
jhutson@perf.in.gov
