Page 10 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

2 Membership
Political subdivisions have the option to offer the PERF My Choice: Retirement Savings Plan as of July 1, 2016. Effective July 1, 2015, if the political subdivision has not offered an alternative retirement plan, they are not permitted to do so. Employer withdrawals from the plan are still permitted but political subdivisions, both participating and non-participating, that are eligible to offer PERF, can only offer PERF if they had not started the process of offering an alternative retirement plan by July 1, 2015.
To find more information about the PERF Hybrid Plan or the PERF My Choice: Retirement Savings Plan (State Employees), see the PERF Hybrid Plan Member Handbook or the PERF My Choice: State Employees Member Handbook.
Therefore, as an employee you become eligible for PERF membership when you begin employment in a position an employer chooses to cover under the PERF benefits structure. When a political subdivision joins PERF, the governing body must agree to comply with the laws and regulations pertaining to the Fund. The plans are explained in the following legislation:
▪ Indiana Codes IC 5-10.2 and IC 5-10.3 ▪ Title 35 of the IAC
If a participating political subdivision or miscellaneous participating entity plans to enroll a position in PERF, that position must be classified as full-time by the governing body, and it normally requires a minimum of 1,000 hours per year. A school corporation employee must be in a position that normally requires a minimum of 600 hours per year. Any position not meeting these requirements does not qualify for membership in the PERF program.
2.1 PERF Hybrid Plan or PERF My Choice: Retirement Savings Plan for Political Subdivision Employees
If you are a new employee, you have 60 days from your date of hire to choose between two plan options, if your employer offers these options:
▪ PERF Hybrid Plan [Defined Benefit (DB) plus Defined Contribution (DC)—formerly referred to as an Annuity Savings Account (ASA)], or
▪ PERF My Choice: Retirement Savings Plan (formerly known as the PERF ASA Only Plan).
If you do not choose within 60 days, you will be defaulted to the plan that your employer has chosen as
the default plan.
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.
Your election, or default, is irrevocable so be sure to make an informed decision within the 60-day election period.
Public Employees Retirement Fund My Choice Plan Page 10 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020