More Than 200,000 to Receive First-Ever PERF Member Statement
Statement will help members plan for retirement
INDIANAPOLIS (May 7, 2007) - More than 200,000 members of the Indiana Public Employees' Retirement Fund (PERF) will receive their first-ever Annual Member Statement in the coming weeks.
Beginning this week and continuing through the end of June, PERF will mail statements to members of the main PERF fund, including many state, municipal and university public employees.
The statements, similar to annual Social Security Statements, will provide members PERF's record of their wages and service. In addition, the statement will provide an estimate of a potential benefit for any member with at least five years of creditable service.
"This is something I've wanted to accomplish since I arrived at PERF in March 2005. Unfortunately, we did not have the systems and operational capability to issue the statements at that time," said PERF Executive Director David Adams. "In the last two years, we've engineered a turnaround that has given us the ability to provide this important service to our members."
The statement provides members information regarding their defined benefit pension plan. This plan, supported by employer contributions and investment returns, guarantees eligible members a specified monthly income for life, upon retirement.
Dan Rives, Indiana University's associate vice president of administration for human resource services, agrees that the statement will be particularly useful for PERF-covered IU staff. "This is a very important tool that will not only help our employees better plan their retirements, but also inform them of the significant value their PERF pension benefit can offer," he said. "We are pleased that PERF is making this happen."
PERF has, for years, provided members quarterly statements for their annuity savings accounts. This defined contribution benefit is supported by member and sometimes employer contributions. The benefit amount upon retirement depends on how much was contributed and what interest was earned.
PERF suggests members review their annual statements carefully to make certain all information is accurate. Those with questions regarding their statements may visit PERF's website at www.perf.in.gov, e-mail PERF at questions@perf.in.gov or call toll-free: (888) 526-1687.
The Public Employees' Retirement Fund (PERF) is a $16.4 billion retirement fund headquartered in Indianapolis that serves the needs of more than 220,000 public employees and retirees throughout Indiana.
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CONTACT:
Jeff Hutson
Director of Communications
(317) 234-3401
jhutson@perf.in.gov
