Ivy Tech provides comprehensive retirement programs to provide for your long-term financial security along with education and planning resources to help you maximize this benefit.
403(b) Defined Contribution Plan
Ivy Tech has partnered with Transamerica Retirement Solutions as the recordkeeper for the College's retirement plans.
To enroll in any of the Ivy Tech retirement plans, visit the participant website ivyretirement.trsretire.com or call 800-755-5801.
All employees are immediately eligible to contribute to the Ivy Tech 403(b) Defined Contribution Plan either via pre-tax deduction or after-tax Roth contributions. You may increase or decrease your contribution percentage at any time via the Transamerica website.
Non-Elective College Contribution
All full-time, benefits-eligible faculty and staff hired after June 30, 2014 are eligible to receive the 12% College contribution to their retirement account after two years of continuous benefits-eligible service. Positions classification E-3 or F-3, and higher are immediately eligible for the contributions. The waiting period is waived upon hire if the employee has participation in a retirement plan sponsored by an institution of higher education within the last 6 months from the date of hire to which the employer made contributions.
Please note, employees in classifications N2-N5 hired on or before June 30, 2014, the College will make contributions in an amount determined by the State of Indiana to a PERF account.
Part Time employees hired in a permanent position, who is regularly scheduled to work at least 1,000 hours per calendar year are eligible to recieve the 3% College contribution to their retirement account.
All contributions are immediately 100% vested.
457(b) Deferred Compensation Plan
All employees are eligible to contribute to the Ivy Tech 457(b) Deferred Compensation Plan via pre-tax deduction. The Plan is a good option if you contribute the maximum to the 403(b) Plan or have other retirement plans and still want to save more. Contributions made to this Plan are financed solely by the employee and are immediately 100% vested. You may enroll, increase or decrease your election percentage via the Transamerica website, however your change will not be effective until the first day of the month following your election (per IRS regulations).
Indiana Public Retirement System (INPRS) - PERF
All full time, hourly employees hired on or before June 30, 2014 are eligible for PERF membership beginning with their first day employed with the College. 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.
PERF is a defined benefits plan under IRC Section 401(a) with a defined contribution feature. Benefits are comprised of two parts; an employer financed pension benefit and a PERF Annuity Savings Account (ASA). the pension ASA may be withdrawn or converted to a monthly benefit. You may select how to invest the account from among the investment options offered by PERF.
The college contributes to PERF to fund your pension benefit in an amount determined by the State of Indiana. Additionally, the College makes a contribution of 3% of your gross wages to PERF on your behalf. this 3% is the ASA and is referred to as the "Employee's Contribution".
Additional information about PERF benefits can be found online at www.in.gov/inprs.