PERF Highlights

Public Employees' Retirement Fund (PERF) Highlights

  • PERF is a retirement plan established by the State of Indiana to provide retirement, disability, and survivor benefits for its participants.
  • PERF is a defined benefit plan (IRC Section 401(a) plan) with a defined contribution plan feature.
  • PERF has two separate and distinct benefits, a pension benefit and an annuity savings account (ASA) benefit. Both benefits are funded by Vincennes University.
  • Pension benefits are subject to vesting terms and conditions.
  • Annuity savings account benefits are immediately 100% vested.

Vincennes University provides full-time Support staff employees with a retirement benefit to supplement your retirement income.  The Public Employees' Retirement Fund of Indiana, known as PERF, is a retirement program for certain employees of the State of Indiana. It provides retirement, disability and survivor benefits to employees covered by the program.

PERF is a defined benefit plan under IRC Section 401(a) with a defined contribution feature.  Benefits are made up of two parts; an employer financed pension benefit and a PERF Annuity Savings Account. The pension benefit is calculated based on your age at retirement, your years of service in a PERF covered position, your average annual compensation at retirement, and the retirement option you select. At retirement, your PERF Annuity Savings Account may be withdrawn or converted into a monthly benefit. Until you retire or withdraw your Annuity Savings Account, you may select how to invest it from among the investment options offered by PERF.

All Full-Time, support staff employees are eligible for PERF membership.  An eligible employee will begin participating upon his or her date of hire.  Under the PERF program, if you attain 10 or more years of service, you will be entitled to benefits when you meet the age and service requirements for normal or early retirement.

Vincennes University will complete a membership record with PERF.  Eligible members will receive information from PERF with instructions to enter beneficiary information and investment choices for your ASA.

Vincennes University makes contributions to PERF to fund your PERF pension benefit in an amount determined by the State of Indiana. Also, an additional sum equal to 3% of your wages is contributed by Vincennes University to PERF for you. This 3% is the Annuity Savings Account and is also referred to as the "Employee's Contribution."

Employee’s Contributions made to PERF are self-directed by the employee.   PERF offers several investments options for participants to choose to invest money held in their annuity savings account.  The default investment for all new participants is the PERF age appropriate target date retirement fund. Investment changes can be made by logging into the PERF website or by calling PERF at 1-888-526-1687.

For further information on the self-directed investment options, PERF's investment activities, and fund performance, visit the investments section of the PERF website.


Receiving Your Benefits

Pension Benefit

The full (unreduced) pension benefit is an annual benefit payable for life that is based on the following formula:

Years of PERF creditable service X final average salary X 1.1% = annual benefit for life.

"Final Average Salary" refers to your highest five years of compensation in a PERF-covered position. PERF will combine twenty (20) quarters in groups of four (4) consecutive quarters (as mandated by law) over your entire PERF- or TRF-covered career. The resulting average in all cases will be the highest possible benefit.

Participants must have at least 10 years of PERF creditable service to have a vested right to the pension benefit.

Annuity Savings Account Benefit

The annuity savings account benefit is an employer contribution equal to 3% of a participant's compensation per pay period that is contributed to an individual participant account each calendar year quarter by Vincennes University.

Vincennes University makes all contributions to annuity savings accounts. Participants are not required, nor permitted, to make additional contributions to annuity savings accounts.

A participant is always 100% vested in his or her annuity savings account.

Retirement Provision

To be eligible receive a full (unreduced) pension benefit, a participant must satisfy the following conditions:

  • The participant terminates employment with Vincennes University;
  • The participant has not been rehired by Vincennes University or any other employer who participates in PERF in a PERF-covered position within 30 days of the date payment of PERF benefits began; and
  • The participant must satisfy one of the following age and service conditions:
  1. Attainment of age 65 with 10 or more years of PERF creditable service;
  2. Attainment of age 60 with 15 or more years of PERF creditable service; or
  3. Attainment of age 55 with the participant's age and total number of years of PERF creditable service equaling 85 or more.

To receive an early retirement benefit with a reduced pension, a participant must satisfy the following conditions:

  • The participant terminates employment with Vincennes University;
  • The participant is not rehired by Vincennes University or any other employer who participates in PERF in a PERF-covered position within 30 days of the date payment of PERF benefits began; and
  • The participant has attained at least age 50 or older with 15 or more years of PERF creditable service.

Beneficiary Designations

Any person or entity can be designated as a beneficiary. In the event no valid beneficiary designation exists, or if the beneficiary is not alive at the time of the participant's death, the death benefit will be paid to the participant's estate. The default beneficiary is the participant's estate. Participants are encouraged to contact PERF to change the beneficiary or logon to the PERF website to make changes.

In-Service Distribution

If a participant has attained age 70 and has been credited with 20 or more years of PERF creditable service, the participant may begin receiving PERF pension while continuing to work at Vincennes University.  


Taxation of Benefits

Contributions will not be included in a participant's income reported to the federal government for income tax purposes. However, contributions and earnings (if any) will be subject to tax upon distribution from PERF.

Consult your tax advisor and PERF concerning the taxation of your benefits. Vincennes University does not presume to give you tax advice. Refer to the PERF handbook or the PERF website for a detailed outline of the taxable portion of your benefit and the conditions under which you will be taxed.

Additional Information

Additional information about PERF benefits can be found in the PERF Member Handbook.  A copy of the handbook may be obtained from the PERF website or by contacting PERF.   The above information is intended only as a general overview. Please consult the handbook or contact PERF directly if you have specific questions about your PERF benefits.

Please contact PERF at:

Call Center: (317) 233-4162 or (888) 526-1687 (toll free number)


Fax: (866) 591-9441

         1 North Capitol, Suite 001 
         Indianapolis, Indiana 46204