IUPUI: Human Resources Policies

Staff covered by this policy

This policy applies to all appointed staff. Under federal law, there is no mandatory retirement ago for staff employees.

Retirement plan for all staff

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

PERF retirement plan for biweekly staff

PERF (Public Employees’ Retirement Fund)

PERF consists of two distinct components: a pension benefit with a 10-year service requirement for full vesting and an annuity savings account benefit with immediate vesting. Indiana legislation controls these provisions. IU pays all contributions for the PERF retirement plan.
Appointed, biweekly staff who normally work at least 50% FTE for 12 months, 60% for 10 months, or 65% for 9 months will be enrolled in PERF at the time of appointment.
Participants of PERF can begin their pension retirement income—without reductions for early retirement—at age 55 with 30 years of PERF service. 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

IU Retiree Status

Staff who qualify for IU Retiree Status receive IU paid life insurance equal to $5,000 or $6,000 depending on base salary at termination. Also, they have the option to participate in health care coverage and to enjoy the benefits of fee courtesy. To qualify for Retiree status, staff must meet an age and service requirement that ranges from age 55 with 30 years of service to age 65 with 10 years of service. (See table below.)

Classification changes

A biweekly staff member who is promoted or reclassified to a PA position must switch to the plan for the new position.

Requirements for IU Retiree Status

To qualify for IU Retiree Status, one must meet the age and service requirements listed below. All periods of full-time service covered by IU life insurance count toward the requirements.

The years of service requirement are prorated for ages that fall between the ages listed in the table.

Age at termination Years of IU service Age at termination Years of IU service

55 30 61* 18

56 28 62* 16

57 26 63 14

58 24 64 12

59 22 65 10

60* 20

* At ages 60, 61, and 62, employees covered by the PERF retirement plan on the date of termination shall qualify for IU Retiree Status with at least 15 years of IU service.

Numerical Index