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Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > My Fund > Public Employees > PERF ASA Only Plan Member Handbook: Introduction PERF ASA Only Plan Member Handbook: Introduction

Welcome to the PERF ASA Only Plan Member Handbook

You will learn about the opportunities and responsibilities of membership in the Fund, options available to you during your career in public service, and your benefits when and if you retire.

We urge you to read this handbook completely in order to understand your membership benefits. You may make photocopies of all information provided.

The best way to find the most current information is to use this Web site.

You are encouraged to register for PERF Online. Using PERF Online, you can update  your address, select or change your beneficiary information and change your investment  allocations. You can access PERF Online on this site via the “Member Login”  button in the left navigation bar or via the link in the “Online Services” box in the upper right hand corner. Once you have registered, you will receive a PIN number that you will use to log in.

While every attempt has been made to verify that all the information in this handbook is correct and up-to-date, INPRS does not make any representation or warranty as to the completeness or accuracy of any information provided herein. The content of this handbook does not constitute legal advice, and nothing within it should be considered a legal opinion. In the event of a discrepancy between information in this handbook and the laws of the state of Indiana, the applicable state law shall apply.

The laws and regulations governing the Indiana Public Employees’ Retirement Fund may be found in Titles 5-10.2, 5-10.3, and 5-10.5 of the Indiana Code and Title 35 of the Indiana Administrative Code.

PERF Administration

Founded in 1945, PERF is now one of the largest pension funds in the United States – both public and private.

The Fund works with more than 1,100 participating employers across the state in serving approximately 148,000 active members, 70,380 benefit recipients, and their families. Benefits paid by the Fund come from the contributions of public employers and members, and returns on the investment portfolio.

PERF is responsible for receiving contributions from employers and members, investing those funds in a prudent manner, and paying benefits to qualifying members. Since 1996, PERF has been authorized by state law to invest the assets of the Consolidated Retirement Investment Fund (CRIF) in the stock market.

History

Effective July 1, 2011, in accordance with Indiana Law, the Indiana Public Retirement System (INPRS) is established. INPRS administers and manages the Teachers’ Retirement Fund, Public Employees’ Retirement Fund, the Prosecuting Attorneys’ Retirement Fund, the 1977 Police Officers’ and Firefighters’ Pension and Disability Fund, the Legislators’ Retirement System, the Judges’ Retirement System and the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ Retirement Plan. INPRS also oversees three non-retirement funds including the Pension Relief Fund, the Public Safety Officers’ Special Death Benefit Fund, and the State Employees’ Death Benefit Fund. Each of the current funds will remain separate and will be administered by the nine-member board of trustees of INPRS.

Mission

We advance the achievement of retirement security for current and future retirees and beneficiaries through our delivery of operational and investment excellence, exemplary
customer service and trusted stakeholder communication.

Board of Trustees

Appointed by the governor by July 15, 2011, the board consists of the following:

  1. one trustee with experience in economics, finance or investments,
  2. one trustee with experience in executive management or benefits administration,
  3. the director of the Office of Management and Budget, or a designee,
  4. two trustees must be nominated by the Speaker of the House of Representatives as
    follows:
    i. one trustee must be an active or retired member of the 1977 Fund,
    ii. one must be a TRF member with at least 10 years of creditable service,
  5. two trustees must be nominated by the President Pro Tempore of the Senate as follows:
    i. one trustee must be a PERF member with at least 10 years of creditable service,
    ii. one must be a TRF member with at least 10 years of creditable service,
  6. the state’s auditor, or a designee,
  7. the state’s treasurer, or a designee.

An executive director carries out the policies set by the board and administers the fund on a daily basis. (IC 5-10.5)

Important Terms

Annuity Savings Account (ASA) for ASA Only Plan – the individual account provided for each member of the ASA Only plan that is funded by a 3 percent employee annual fixed mandatory contribution. These contributions are paid by the state of Indiana on the member’s behalf. There is also an employer contribution subaccount. Contributions to this subaccount are variable annually. Interest and earnings may also be added to this account.

Annuity Savings Account (ASA) for PERF Hybrid Plan – the individual account provided for each member of PERF that is funded by 3 percent mandatory contributions. These contributions are paid either by the member in payroll deductions or by the employer on the member’s behalf. Voluntary contributions, interest and earnings may also be added to this account.

Beneficiary – in general, the person or institution designated to receive all or part of your benefits upon your death. There are several types of beneficiaries, which are further discussed throughout this handbook.

Contributions – funds paid by employers to fund future benefits. Pre-tax contributions are paid to PERF from a source (such as wages, employer-paid contributions, rollovers) prior to the calculation of income taxes. Taxes on before-tax contributions are deferred until the funds are distributed before retirement or paid as a retirement benefit.

Years of Participation – each full year of employment in a PERF-covered position. Years of participation help in determining your qualification for vesting.

Employer – the state of Indiana which employs members eiligible for the ASA Only plan.

Fixed and Variable Rate Contributions (employer share) – contributions to the ASA that must be made as required by state law.

Member – a public employee enrolled in the ASA Only plan through the state of Indiana.

ASA Only Covered Position – any eligible position for which the state of Indiana elects to cover and make contributions to INPRS to fund benefits.

Public Employee – new hires with the state of Indiana. Employees of private companies are not eligible for membership.

Survivor Beneficiary – the person receiving a designated percentage of your benefits upon your death. Several types of survivor beneficiaries are further discussed throughout this handbook.

Vesting/Vested – the minimum amount of time you have to work (full years of participation) in one or more covered positions to qualify for the variable annual rate contributions (employer share) and earnings of the ASA Only plan.

Section One: Benefit Structure