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 Transamerica 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 or after-tax Roth contributions. All eligible full-time, benefits-eligible employees will be automatically enrolled into the 403(b) Defined Contribution pre-tax plan with contributions deducted from your pay at 2%. This will start as soon as administratively feasible. Employee voluntary contributions made to this plan are 100% vested. 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 on or after February 1, 2019 are eligible to receive the 10% College contribution to their retirement account.
As of February 14, 2022, Ivy Tech eliminated the retirement contribution waiting period for all newly hired benefits-eligible full-time employees and part-time staff who are in continuous, ongoing roles planned for at least 1,000 hours per year. The contributions are available to all eligible employees immediately upon hire and will fully vest in the retirement plan on their two-year anniversary of continuous service.
All current employees with less than two years of continuous service will fully vest in the retirement plan on their two-year anniversary.
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 staff in a permanent position, who is regularly scheduled to work at least 1,000 hours per year are eligible to receive the 3% College contribution to their retirement account.
457(b) Deferred Compensation Plan
All employees are eligible to contribute to the Ivy Tech 457(b) Deferred Compensation Plan via pre-tax or after-tax Roth contributions. The Plan is a good option if you contribute the maximum to the 403(b) Defined Contribution 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.