What is the TRF plan?

Eligibility. The Indiana State Teachers’ Retirement Fund (TRF) Hybrid Plan is a retirement plan option available through the Indiana Public Retirement System (INPRS) to faculty and professional staff employees who qualify for benefits. This plan consists of both a pension plan and a defined contribution (DC) account.

What is PERF pension?

PERF is a defined benefit 401(a) retirement plan established by the State of Indiana to provide retirement, disability, and survivor benefits for its participants. PERF has two separate and distinct benefits, a pension benefit and an annuity savings account benefit.

Is Inprs the same as perf?

INPRS: Public Employees’ Retirement Fund (PERF) Member Forms.

How does Indiana PERF work?

Member Contributions PERF-covered employees are required by state law to contribute three percent of their gross wages (regular and overtime pay) to the Fund. Effective July 1, 1986, Indiana law required the state of Indiana to pay the three percent contributions for state employees as part of a wage adjustment.

Do retired Indiana teachers get Social Security?

As a teacher, you also have the option of combining the TRF monthly pension benefit with your estimated Social Security benefits if you retire between ages 50 and 62. Your financial advisor can help you understand all the options and make the best decision for you. 3. Choose how to receive your pension.

When can Indiana teachers retire?

New teachers starting out in Indiana can retire with their full benefits at: Age 55 with 30 years of service; Age 60 with 15 years of service; and, At age 65 with 10 years of service.

When can I retire with perf?

age 65
Normally participants are eligible for full retirement benefits at age 65 with 10 or more years of service in a PERF plan. Individuals who have worked in a PERF-eligible position for 15 or more years are eligible for early retirement benefits.

How long does it take to be vested in perf?

The plan provides retirement, disability and survivor benefits to Fund members and their beneficiaries. Any employee who has contributed to the Fund for five years is considered to be vested in the Fund.

Can you borrow from Indiana PERF?

You cannot take money out of PERF as long as you continue your employment with a PERF-covered employer. You may withdraw the amount in your DC if you: have terminated your employment and have not been rehired into another covered position within 30 days.

What is average teacher pension in Indiana?

It is important to note, however, that the state assesses an educator’s final salary based on their highest 5 years average salary. For example, a teacher who works for 25 years with a final average salary of $70,000 would be eligible for an annual pension benefit worth 27.5 percent of their final salary.

Do retired Indiana teachers get health insurance?

As a teacher in Indiana, you’ll gain a host of employee perks, including retirement and health insurance benefits.