Eligibility change made to PERF retirement program; additional university retirement plan updates announced

Current employees participating in the PERF (Public Employees Retirement Fund) program should take note of an upcoming change in eligibility rules recently announced by the Indiana Public Retirement System (INPRS).

Due to legislation passed in 2023, active employees ages 65 or older with 20 or more years of total PERF-covered service are eligible to begin drawing their retirement under the new Millie Morgan retirement option starting July 1. The previous age requirement was 70 or older.

The Millie Morgan option allows active employees who meet age and service requirements to begin receiving their pension benefits while remaining employed in their INPRS-covered position. Active employees meeting the criteria can log into their INPRS PERF account and complete their retirement application.

To receive the benefit at the earliest possible time based on the new rules, eligible members must submit their applications by June 30, with a retirement date on or after July 1. Those submitting applications after June 30 should select the first day of the month following their submission date. 

PERF retirement is provided only to grandfathered service and support employees hired prior to Sept. 9, 2013, and newly hired non-exempt police officers and firefighters.

Employees enrolled in the PERF program are encouraged to make a virtual or in-person retirement counseling appointment to learn more about their options and to receive assistance completing a retirement application, if applicable. 

Employees may schedule an appointment by choosing “Virtual Retirement Counseling Session (Phone or video)” on the INPRS website. For in-person appointments, employees should select “Retirement Counseling Session (In-Person).” Once the appointment type is chosen, employees will select “West Region – Jennifer Lowery,” enter a ZIP code (for in-person appointments only), choose an available date and time, and complete the remaining registration questions.

Contact INPRS by email at questions@inprs.in.gov or via phone at 844-GO-INPRS for questions regarding appointment registration, general PERF retirement program inquiries and assistance with establishing an INPRS-required PIN code to access personal PERF plan information. 

Additional university retirement plan provision updates

The following options are now available within the university’s retirement plans maintained on the Fidelity recordkeeping platform, effective June 2:

• Age 59 ½ in-service withdrawals and plan loans are now available to active employees within the 403(b) Base Plan, 401(a) Mandatory Plan and 457(b) Voluntary Plan.
• The 457(b) Voluntary Plan now allows an unforeseeable emergency distribution option.

To learn more about the recently implemented changes, employees may schedule an appointment with a Fidelity retirement planner by calling 800-642-7131 or schedule online. See the “Retirement Planning – How You Benefit from a Fidelity Consultation” video for more information on what to expect from a consultation with a Fidelity retirement planner supporting Purdue’s retirement plans. 

For more information on Purdue’s retirement plans, visit the Purdue Retirement Program Overview page.