Indiana Retirement Plan for Outside Directors
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How to fill out Retirement Plan For Outside Directors?
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FAQ
The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises a specified monthly benefit at retirement.
Public service employees and educators who are enrolled in the PERF or TRF-Hybrid Fund may be fully vested for a pension benefit after 10 years of service. Some elected officials may be fully vested after eight years of service.
Eligible Employees: Must be age 55 or older by retirement date, and sum of years of service and attained age at retirement must equal 85 years or more.
Normally participants are eligible for full retirement benefits at age 65 with 10 or more years of service in a PERF plan. Individuals who have worked in a PERF-eligible position for 15 or more years are eligible for early retirement benefits.
Pursuant to Indiana pension law, employee contributions that are not picked-up by the employer must be payroll deducted from the employees' wages and paid to PERF. The three percent contributions made by either the employee or employer are sent to PERF for deposit in an Annuity Savings Account (ASA).
Though there are pros and cons to both plans, pensions are generally considered better than 401(k)s because all the investment and management risk is on your employer, while you are guaranteed a set income for life.
In Indiana, you're eligible for retirement if you meet any of the following qualifications: At age 65 with 10 years of service. Between ages 60 and 64 with 15 years of service. Between ages 55 and 59, if your age and service together totals 85.