As a new employee, you have 60 days from your date of hire to choose between two retirement options – the traditional PERF Hybrid plan (defined benefit plus a defined contribution (DC) account) or the My Choice: Retirement Savings Plan. If you do not choose within 60 days, you will be automatically enrolled in the designated default plan. Your choice, or default, is irrevocable so please make an informed decision.
- PLEASE NOTE: Effective July 1, 2015, if you’re returning to PERF-covered employment with the state of Indiana, you might qualify for the plan.
- You can choose the My Choice: Retirement Savings Plan if you WERE NOT given a choice of membership in either the Hybrid or My Choice: Retirement Savings Plan when you were previously employed in a PERF-covered position with the state of Indiana.
- But if you’re returning to PERF-covered employment with the state of Indiana and WERE given a choice of either plan, you will stay in the plan you first chose. This is true even if you defaulted into the Hybrid plan. You are not able to switch plans.
To help you decide what plan might be best for you, please review the resources below. Our counselors can help explain the differences between the two plans; however, they cannot provide a recommendation on which plan to select. You may want to consult your tax advisor for specific financial impacts on selecting one plan over another
Fast Facts
Which option is right for you? (Side-by-side comparison chart)
These charts list the similarities and key differences of the plans in a one-page side-by-side format.
- PERF Hybrid vs. My Choice Plans for local government (political subdivision) employees
- PERF Hybrid vs. My Choice Plans for State of Indiana employees
Quiz
A five-question quiz to help you determine which plan may be best for you: Printable quiz
My Choice: Retirement Savings Plan FAQs
- What’s the difference between the PERF Hybrid plan and the My Choice: Retirement Savings Plan?
- What are my retirement account investment options?
- How quickly can I vest with the My Choice: Retirement Savings Plan?
- I was recently hired by the state of Indiana. Do I get a choice between the Hybrid and My Choice: Retirement Savings Plans?
- What are my plan options if I'm returning to PERF-covered employment with the state of Indiana?
- I defaulted into the PERF Hybrid plan but I'd rather be in the My Choice: Retirement Savings Plan. Can I switch?
- Can someone walk me through the PERF Hybrid and My Choice: Retirement Savings Plan options?
- What are the financial implications of my election into the PERF Hybrid or My Choice: Retirement Savings Plan?
- Can someone talk to me about the My Choice: Retirement Savings Plan?
- I don't know which plan I want to choose. How long do I have to make a decision?
- What happens if I don't make an election in the PERF Hybrid plan or My Choice: Retirement Savings Plan?
Hybrid Plan vs. My Choice FAQs
- What is the My Choice: Retirement Savings Plan?
- What do I need to know about employer contributions to the My Choice: Retirement Savings Plan?
- Are contribution amounts covering unfunded pension liability made to My Choice: Retirement Savings Plan accounts?
- Am I allowed to make voluntary contributions to my plan?
- What are my retirement account investment options?
- I have service in another plan. Does that count toward my retirement?
- Can someone walk me through the PERF Hybrid and My Choice: Retirement Savings Plan options?
More details
At a Glance sheets
One-page summaries of each plan, these sheets provide more detail about plan specifics.
- PERF Hybrid plan
- My Choice: Retirement Savings Plan at a Glance (for State of Indiana employees)
- My Choice: Retirement Savings Plan at a Glance (for local government employees)
Handbooks
For a comprehensive list of plan benefits, please read the handbooks associated with each fund.
- PERF Hybrid plan
- My Choice: Retirement Savings Plan for State of Indiana employees
- My Choice: Retirement Savings Plan for Local Government employees
For more information about your pension and navigating to find specifics