22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Indiana Savings Plan for Employees
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US-CC-22-109E
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The TRF benefit consists of two parts: the monthly pension benefit and the Annuity Savings Account (ASA). The monthly pension benefit is determined by salary history, years of service, age, and the retirement option selected. TRF members become vested in the pension benefit after 10 years of qualified Indiana service.
Benefit at Retirement The PERF pension is a defined benefit plan. This means that the pension is calculated by using a formula set by law. Normally participants are eligible for full retirement benefits at age 65 with 10 or more years of service in a PERF plan.
PERF is a defined benefit 401(a) retirement plan established by the State of Indiana to provide retirement, disability, and survivor benefits for its participants. PERF has two separate and distinct benefits, a pension benefit and a defined contribution account benefit.
Contributions made by your employer include a fixed 3 percent of your salary plus a variable amount set each year. In addition, your employer pays a percentage of payroll to fund defined benefit pension plan liabilities.
The PERF pension is a defined benefit plan. This means that the pension is calculated by using a formula set by law. Normally participants are eligible for full retirement benefits at age 65 with 10 or more years of service in a PERF plan.
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.
Indiana for each dollar invested by Indiana taxpayers in TRF. Employees contribute 3% of salary out of each paycheck to the retirement fund. The average retirement benefit is $19,081 per year, or $1,590 per month. TRF covers 70,573 active school employees and 49,917 retired school employees and beneficiaries.
All federal employees are automatically enrolled in one of the best retirement systems in the world. If you were first hired after December 31, 1983, on an appointment with retirement coverage, you are covered by FERS. You are also covered if you transferred to FERS during a FERS open season.
