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How to Use the 'What If' Retirement Benefit Estimate Calculator

Calculator Variables Column

The 'What If' Retirement Benefit Estimate Calculator uses the following variables: Age, Average Salary, Creditable Service (service credits earned to date), the Amount in your Annuity Savings Account (ASA), and the beneficiary's age, if any.

Projected Retirement Values Column

These projected values are used by the Benefit Estimate Calculator.

Based on the length of employment at the time of the proposed retirement age, enter your estimated projected average salary, years and months of projected service credits, and an estimated amount of money you project to have accrued in your ASA. If applicable, also enter your beneficiary's projected age.

Clear and Calculate Buttons

Click the Clear button at any time to zero out the fields and start again. When you are ready to see your 'What If' retirement benefit estimate, click the Calculate button to view the results.

Definitions governing the use of the Retirement Benefit Estimate Calculator

Retirement Eligibility

Eligibility for retirement (vested status) is defined as one of the following scenarios:

  1.   65 years of age plus 10 years of service, ... or

  2.   50 to 60 years of age plus 15 years of service (for Reduced Benefit Eligibility), ... or

  3.   The Rule of 85, which is defined as follows:

     Your age is > 55 years and

     The sum of your age plus your service credit is > 85.

     > means 'greater than or equal to'

     > means 'greater than'

Creditable Service

Members receive service credit for each period of continuous employment in a covered position. In addition, you may be entitled to service credit during military service and other types of leave. All PERF members must work twelve (12) months in a PERF-covered position to obtain one year of service credit. A school corporation employee who works the full school term or contract period for a position will receive credit for one year of service. Otherwise, service credit for school corporation employees will be granted for actual time worked.

Teaching Service

If you retire with both PERF and Indiana State Teachers' Retirement Fund, you will receive a single, combined benefit from the fund where you completed your final service. When you complete your final service, your pension will be calculated on the basis of combined creditable service between the two funds. You will be credited for one year for each year of covered service, no matter which fund you participated in at the time of service. Any annuity will be computed on the basis of total amounts credited to both accounts.

Link to the PERF Member Handbook for more details:

If you have any questions on any topic, please do not hesitate to call PERF at 1-888-526-1687.