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You will learn about the opportunities and responsibilities of membership in the Public Employees’ Retirement Fund (PERF). This handbook explains the options available to you during your career in public service, and your benefits if and when you retire.
We urge you to read this handbook completely. You will need to understand the overall benefits of your PERF membership. Feel free to make photocopies of anything in this handbook. The best way to find the most current information is to use this website.
Please register for your INPRS online account. When you register, you can update your address or select or change your beneficiary. You can also change your investment choices. You can access your online account here. Once you register, a PASSCODE will be mailed to you. Or, you can also ask a customer service representative to email it to you. You can log in to your account with your User ID and passcode you created during registration.
Indiana PERF was founded in 1945. It is one of the largest pension funds in the U.S. – both public and private.
The fund works with more than 1,200 employers in Indiana serving approximately 210,000 active and inactive members, 80,000 benefit recipients, and their families. Fund benefits 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 that money in a responsible manner, and paying benefits to qualifying members. Since 1996, state law allows PERF to invest the assets of the Consolidated Defined Benefit Assets (CDBA) in the stock market.
Beginning July 1, 2011, in accordance with Indiana law, the Indiana Public Retirement System (INPRS) is established. INPRS runs and manages the Teachers’ Retirement Fund (TRF), Public Employees’ Retirement Fund (PERF), the Prosecuting Attorneys’ Retirement Fund (PARF), the 1977 Police Officers’ and Firefighters’ Pension and Disability Fund (1977 Fund), the Legislators’ Retirement System (LRS), the Judges’ Retirement System (JRS) and the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ Retirement Plan (Excise). Each of the funds will remain separate and will be run by the nine-member INPRS Board of Trustees.
INPRS also oversees three non-retirement funds including:
Efficiently collect necessary contributions, manage assets and pay earned benefits.
The Board of Trustees was appointed by the governor, July 15, 2011. The Board consists of the following:
An executive director carries out the policies set by the board and runs the fund on a daily basis. 
My Choice: Retirement Savings Plan – The My Choice: Retirement Savings Plan is formerly known as the ASA Only plan. This account is funded by a 3 percent employee fixed mandatory contribution and a variable employer contribution. These contributions are paid by the state of Indiana on your behalf. Interest and earnings may also be added to this account.
Annuity Savings Account (ASA) for PERF Hybrid Plan – As a member of the PERF Hybrid plan, you have an individual account funded by 3 percent mandatory contributions and any voluntary contributions you elect to make. This account is funded by 3 percent mandatory contributions. These contributions are paid by the member in payroll deductions or by the employer on your behalf. Voluntary contributions, interest and earnings may also be added to this account.
My Choice-covered position – any eligible position that the state of Indiana elects to cover and make contributions to INPRS to fund benefits.
Beneficiary – in general, the person or institution you elect to receive all or part of your benefits upon your death. There are several types of beneficiaries discussed in this handbook.
Contributions – funds paid by employers to fund future benefits. Pre-tax contributions are paid to PERF from a source (such as employer-paid contributions, voluntary contributions and rollovers) prior to the calculation of income taxes. Taxes on pre-tax contributions are delayed until the funds are distributed before retirement or paid as a retirement benefit.
Employer – the state of Indiana or participating quasi agency which employs members eligible for the My Choice: Retirement Savings Plan.
Fixed and Variable Rate Contributions – contributions to the My Choice: Retirement Savings Plan that must be made as required by state law.
Member – a public employee enrolled in the My Choice: Retirement SavingsPlan through the state of Indiana or a quasi agency.
Public Employee – new hires with the state of Indiana. Employees of private companies do not qualify for membership.
Survivor Beneficiary – the person receiving an elected percentage of your benefits upon your death. Several types of survivor beneficiaries are discussed in this handbook.
Vesting/Vested – the minimum amount of time you have to work (full years of participation) in one or more covered positions to receive a portion of the employer share (variable) contributions and earnings of the My Choice: Retirement Savings Plan. See the vesting schedule on the next page.
Voluntary Contributions – contributions made to the My Choice: Retirement Savings Plan. These contributions will allow you to choose to make payroll deductions if your employer participates in the program.
Years of Participation – each full year of employment in a PERF-covered position. Years of participation help to determine your qualification for vesting.
Section One: Benefit Structure