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Benefits

Retirement Savings Plans

Support Staff Employees

Public Employees Retirement Fund (PERF) - website
Support staff members in eligible positions participate upon employment in the Indiana Public Employee's Retirement Fund. For fiscal year 2013-2014, the University contributes 11.2% of the employee's gross earnings towards a pension and 3% towards an annuity savings account, for a total contribution of 14.2% into the Indiana Public Employee's retirement Fund.

Click here to access the PERF website for detailed information regarding benefits, vesting, newsletters, account management, forms and much more.

Click here to access the PERF benefit calculator for help estimating your retirement benefit.

Click here to access "PERF at a Glance" which is a brief snapshot of the retirement eligibility and benefits provided.

 



Faculty and Administrative Employees

Defined Contribution Plan

 TIAA-CREF -  website
Eligible faculty and administrators may participate after one year of employment. If you have been a member of a university-sponsored retirement plan or TIAA/CREF for at least one year, the waiting period may be waived. The University contributes the total premium: 11% of annual salary up to $10,800 and 15% of annual salary over $10,800.

Supplemental Retirement Plan
All full-time and part-time employees are eligible to enroll in this plan. This plan is used to defer your income on a pre-tax basis for retirement savings purposes. To enroll, complete the Voluntary Salary Deferral Form and submit it to Human Resources.  You will then need to set up an account online with TIAA-CREF.  There is no waiting period.

Annual Contribution Limits
The Internal Revenue Service dollar limitations for pension plans and other retirement-related items for tax year 2014 are shown below.

Retirement Plans 2014 2013 2012 2011
Elective Deferrals
401(k)/403(b) - 402(g)(1)
17,500 17,500 17,000 16,500
Catch-up Contributions
414(v)(2)(B)(i)
5,500 5,500 5,500 5,500
457 Elective Deferrals
457(e)(15)
17,500 17,500 17,000 16,500
Defined Contribution Limits
415(c)(1)(A)
52,000 51,000 50,000 49,000
Social Security
Taxable Wage Base
117,000 113,700 110,100 106,800

Social Security Administration
A system administered by the federal government through the Social Security Administration providing old age, survivor's disability, and retirement benefits. The cost is shared by the University and the employee. Effective January 1, 2014: 6.2% of salary up to $117,000 for old age, survivor's, and disability insurance, and 1.45% of all covered wages for Medicare hospital insurance.

Employees are strongly encouraged to request a Social Security Personal Earnings and Benefit Estimate Statement (PEBES). The PEBES is a statement of a person's lifetime earnings and an estimate of future benefits. There is no cost to secure this statement and you do not need to be approaching retirement age; any individual who has paid any social security taxes during his/her working career may request a statement at any time.




Open Enrollment Dates

TIAA-CREF Representative

Lori Matthews of TIAA-CREF will hold individual appointments in the HR Training Room on the below dates. To schedule an appointment, contact 800/732-8353. 

2014/2015 Dates

  • Tuesday, Dec 9
  • Thursday, Dec 11
  • Tuesday, Jan 27
  • Wednesday, Feb 25
  • Thursday, Feb 26
  • Tuesday, Mar 24
  • Wednesday, Apr 22
  • Thursday, Apr 23
  • Tuesday, May 19
  • Wednesday, June 24
  • Thursday, June 25
  • Tuesday, July 21
  • Wednesday, Aug 19
  • Thursday, Aug 20
  • Tuesday, Sep 8
  • Wednesday, Oct 21
  • Thursday, Oct 22
  • Tuesday, Nov 17
  • Wednesday, Dec 9
  • Thursday, Dec 10