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Page contents:

A. Social Security

B. PERF

C. Retiree status

D. Classification changes

See also:

PERF

 

Base Retirement Plan for Support and Service Staff
AFSCME(BL) 4.3 • AFSCME(IN) 9.3 • AFSCME(SB) 4.3 • CWA 11.3 • PA/SS 9.3

Revised September 1, 2005

Employees covered by this policy
This policy applies to Support and Service Staff at 50 percent or more FTE as identified in the Introduction of this manual. Under federal law, there is no mandatory retirement age.

A. Social Security

1. All employees are included under FICA (Social Security) and OASI (Old Age and Survivors Insurance).

B. PERF for Support and Service staff

1. The Public Employees' Retirement Fund (PERF) consists of two distinct components: a pension benefit and an annuity savings account benefit. Indiana legislation controls these provisions. IU pays for the PERF retirement plan pension and annuity savings account benefits.

2. Support and Service Staff appointed for at least 50% FTE will be enrolled in PERF at the time of appointment.

3. Participants of PERF can begin their pension retirement income-without reductions for early retirement-at age 55 with 30 years of PERF service (time during which an employee is enrolled in PERF). Reduced PERF income is available as early as age 50 with 15 years of PERF service. The following table lists the age and service required to begin retirement income without reductions.

   Age at termination	Years of PERF service	Age at termination	Years of PERF service
   55	30	61	15
   56	29	62	15
   57	28	63	15
   58	27	64	15
   59	26	65	10
   60	15	66 and over	10

C. IU Retiree status

1. A Retiree of Indiana University will be entitled to the following IU benefits, which are separate from retirement income benefits:

1. Life insurance (paid by IU); see Basic Life Insurance policy.

2. Fee Courtesy; see Fee Courtesy.

3. Medical and dental coverages; see Medical and Dental Coverages policy.

2. In order to qualify as a Retiree, an IU employee must have Retiree status according to the following age and service requirements:

   Age at termination	Years of IU service	Age at termination	Years of IU service
   55	30	61	15
   56	28	62	15
   57	26	63	14
   58	24	64	12
   59	22	65 or over	10
   60	15

   Years of IU Service means the years of full-time appointed service at Indiana University.

D. Classification changes

Support and Service staff who are promoted or reclassified to a Professional position must switch to the plan for the new position.