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This interactive retirement guide is designed to help walk through employment actions (transfers, rehires, etc.) and display the retirement plan outcome based on the selected criteria.
To utilize the tool, follow the steps below:
Participation Service Requirements
Vesting period - Three years of service required in a benefits eligible postion before employee "owns" the employer contributions made to the retirement plan.
Waiting period - Three years of service in a benefits eligible position before employer contributions are made to retirement plan.
Waiting Period Waiver - Waiver provides immediate participation for eligible continuing lecturer, fire/police admin, management, professional and visiting faculty employees participating in the waiting period who meet certain criteria (Employer contributions begin the 403(b) Defined Contribution (Base) without serving the required 3 year Waiting Period)
PMRS - The Purdue Matching Retirement and Savings Plan (PMRS) plan, replaces PERF for new employees effective 09/09/2013. Plan design includes: 403(b) Base plan (4% employer contributions, employer then matches up to an additional 4% based on employee contributions, vesting period applies), 403b Voluntary plan (5% employee contribution set automatically, employee may change contribution any time, vested immediately).
PSRS - Purdue Standard Retirement and Savings Plan (PSRS). Plan design includes: 401a Mandatory plan (4% employee contributions, vested immediately) and 403b Base plan (10% employer contributions, waiting period may apply, vested immediately)
PERF - Public Employees Retirement Fund (PERF). Plan design includes: Defined Benefit (DB) (PERF designated employer contribution) and Annuity Savings Account (ASA) (3% employer contribution) plans
PFOPP (not listed in chart below) - Police Officers Firefighters Pension plan (POFPP). Bi-weekly paid Firefighters and Police Officers participate in PERF and the Police Officers Firefighters Pension plan (POFPP). Monthly paid firefighters and police officers participate in PSRS and POFPP. POFPP plan design includes: Defined Benefit (DB) (TIAA designated employer contribution, 3% employee contribution of established non-probationary patrol officers base salary)
For more detailed information on each retirement program, visit: https://www.purdue.edu/hr/Benefits/retirees/index.php
For employee class information, visit https://www.purdue.edu/hr/Benefits/employeebenefits/index.php.
Rehire - Employees will participate in the plan associated with their new position. Prior service within the last 5 years will be considered for vesting purposes.
Reclass - Positions reclassified (University-initiated) to a different staff group.
Transfer (lateral, promotion, demotion) - Employees who voluntarily transfer or change positions participate in the plan that is associated with that staff level.
For additional benefit information regarding staff classification changes, visit https://www.purdue.edu/hr/Benefits/employeebenefits/index.php.