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Indiana University is offering an early retirement incentive (ERI) to employees covered by the Public Employees Retirement Fund (PERF) as the result of a recent change to Indiana statute. There are 7,160 IU employees covered by the PERF plan; more than 766 meet the eligibility criteria for the one-time opportunity.
Eligible employees who elect the ERI will receive one additional year of PERF service credit for every five years of PERF-covered service while employed at IU. The incentive represents at least a 20 percent increase in PERF pension benefits payable for the participant’s life. Employees who choose to participate must complete enrollment forms by March 31 and must be retiring this year between Jan. 1 and June 30.
To be eligible, individuals must be active IU employees who were covered by PERF as of Jan. 1, be at least 55 years old on the date of retirement and have completed 15 years of PERF-covered service at IU.
“This retirement incentive provides some employees with an opportunity to retire from the university with a significant increase in their pension benefits,” said Dan 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.”
Information sessions were held for all eligible employees on the campuses in December and earlier this month.
For more information, go to this site:
http://www.indiana.edu/%7Euhrs/benefits/eri-info.html
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