21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Indiana Retirement Benefits Plan
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A defined benefit plan promises a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement.
You can retire at age 55 with at least five years of service credit. Members under CalSTRS 2% at 60 also have the option to retire at age 50 with at least 30 years of service credit. In addition, if you took a refund and then reinstated, you must have performed at least one year of service after the most recent refund.
StateAverage Benefit for New RetireesPercentage of New Teachers Who QUALIFY FOR a PensionIndiana (Pre1996 Fund)$ 17,436.00Indiana (1996 Fund)$ 16,392.0031Iowa$ 19,704.0042Kansas*$ 12,929.004450 more rows ?
Indiana for each dollar invested by Indiana taxpayers in TRF. Employees contribute 3% of salary out of each paycheck to the retirement fund. The average retirement benefit is $19,081 per year, or $1,590 per month.
A member who has reached age sixty-five (65) and has at least ten (10) years of creditable service is eligible for normal retirement.
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.
In Indiana, you're eligible for retirement if you meet any of the following qualifications: At age 65 with 10 years of service. Between ages 60 and 64 with 15 years of service. Between ages 55 and 59, if your age and service together totals 85.
Benefit at Retirement The PERF pension is a defined benefit plan. This means that the pension is calculated by using a formula set by law. Normally participants are eligible for full retirement benefits at age 65 with 10 or more years of service in a PERF plan.