Last modified: Wednesday, December 24, 2003
University offers early retirement opportunity for PERF-covered employees
Indiana University will offer an early retirement incentive to employees covered by the Public Employees Retirement Fund (PERF) as the result of a recent change to Indiana statute. More than 766 university employees meet the eligibility criteria for the one-time opportunity.
Eligible employees who elect this early retirement incentive will receive one additional year of PERF service credit for every five years of PERF-covered service while employed at Indiana University. This early retirement incentive represents at least a 20 percent increase in PERF pension benefits payable for the participant's life.
To be eligible, individuals must be active university employees covered by the PERF plan on January 1, 2004, be at least 55 years old on the date of retirement, and have completed 15 years of PERF-covered service as a university employee at retirement.
"This retirement incentive provides some employees with an opportunity to retire from the university with a significant increase in their pension benefits," said Daniel Rives, IU associate vice president for human resources services. "This increase in pension benefits will permit some of the university's employees to consider retiring earlier than they may otherwise have elected."
Employees who choose to participate in the incentive must complete enrollment forms by March 31, 2004, and they must retire from the university between January 1, 2004, and June 30, 2004.
There are 7,160 university employees covered by the PERF plan. Those eligible for this opportunity have received information about the early retirement incentive opportunity, and group information sessions are being provided at various campus locations.
