(A) PERF Hybrid Plan or PERF My Choice: Retirement Savings Plan.
(1) If you are a new employee and your employer chooses to participate in PERF, you have 60 days from your date of hire to choose between two retirement options:
(a) PERF Hybrid Plan (Defined Benefit (DB) plus a Defined Contribution (DC)); or
(b) PERF My Choice: Retirement Savings Plan (DC plan).
(2) If you do not choose within 60 days, you will be defaulted to the plan that your employer has chosen as the default plan. If your employer does not participate in the PERF My Choice Plan, you will be enrolled into the PERF Hybrid Plan.
(3) (a) Note: the State of Indiana has chosen PERF Hybrid Plan as the default plan. If your position is not with the state of Indiana, the default is whatever plan your employer has chosen as the default.
(b) Your election, or default, is irrevocable so be sure to make an informed decision within the 60-day election period.
(B) Eligibility.
(1) Your employer chose to join PERF and decided which positions would be covered under the PERF Plan.
(2) You qualify for PERF when you begin working in a position your employer covers with PERF benefits.
(3) If you are an employee of the state and you are not statutorily assigned to another pension fund (or excluded from coverage), or you are an employee (who is not excluded from coverage) of a participating local government that offers hybrid or both and are working in a covered position, you have the option to become a member of the PERF Hybrid Plan or the PERF My Choice: Retirement Savings Plan (formerly the ASA Only Plan).
(4) For a position to be PERF-covered, making you eligible for membership, the position must be:
(a) A non-excluded position as noted in I.C. 5-10.3-7;
(b) Specified in a resolution passed by the employer's governing body; or
(c) Not covered by another public retirementor pension plan (except Social Security or the Prosecuting Attorneys' Retirement Fund (PARF), established by I.C. 33-39-7-9).
(5) For details about the PERF My Choice: Retirement Savings Plan, refer to the PERF My Choice: Local Government Employees Member Handbook or the PERF My Choice: State Employees Member Handbook.
(Ord. passed 12-11-2000; Ord. passed - -)
Editor’s note:
The town is a member of the Indiana Public Retirement System/Public Employees’ Retirement Fund (INPRS/PERF) and should follow their guidelines related to employee retirement benefits.