Utility Maintenance Technician

<25-29 $0.058

30-34 $0.083

35-39 $0.099

40-44 $0.132

45-49 $0.223

50-54 $0.363

55-59 $0.600

60-64 $0.795

65-69 $1.329

70 + $2.054

*For more information on eligibility options, refer to Proposal 21-288 https://bit.ly/3exq8yR

All employees hired/rehired after to 1/1/2022 have a choice to select the PERF Hybrid plan (3% + Pension) or the INPRS My Choice: Retirement Savings plan (3% + 1% Contribution).

The Hybrid plan consists of two components:

Annuity Savings Account (ASA) -This consists of the mandatory employee contribution of three (3%) percent of compensation (made for the employee by the City), plus interest credits or earnings.

You're always vested in your ASA portion - it's always yours.

Pension - The pension portion of the retirement benefit is funded by contributions made by the employer over the course of the employee's career and separate from the annuity savings account.

Employees enrolled in the PERF Hybrid plan are eligible for retirement benefits at age sixty-five (65) if they have ten (10) or more years of creditable service.

After June 30, 1995, employees may retire at age sixty (60) with at least fifteen (15) years of credible service or if the member's age in years plus the years of credible service equals at least 85 and the member is at least fifty-five (55) years of age.

With fifteen (15) or more years of creditable service, the employee may retire as early as age fifty (50) with a reduced pension.

Employees hired/rehired by the City and County between 1/1/2017 and 12/31/2021 will be automatically enrolled in the PERF My Choice: Retirement Savings plan.

This plan is an annuity savings account (ASA) only plan and does not have a pension component.

Any service that an employee has in the My Choice: Retirement Savings Plan will not count toward the service time requirements for pension eligibility in the Hybrid Plan.

With the PERF My Choice: Retirement Savings Plan, the ASA is split up into two parts:

Part one - This consists of the mandatory employee contribution of three (3%) percent of compensation (made for the employee by the City), plus interest credits or earnings.

You're always vested in your ASA portion - it's always yours.

Part two - This consists of an additional variable rate contribution paid by the City toward your ASA.

This variable rate contribution is currently 1% of your gross wages.

Vesting in the value of the variable rate employer contribution will vary by length of participation.

You are:

• 20 percent vested after 1 full year of participation
• 40 percent vested after 2 full years of participation
• 60 percent vested after 3 full years of participation
• 80 percent vested after 4 full years of participation
• 100 percent vested after 5 full years of participation

All employees hired/rehired prior to 1/1/2017 are grandfathered into PERF Hybrid plan.

The Hybrid plan consists of two components:

Annuity Savings Account (ASA) -This consists of the mandatory employee contribution of three (3%) percent of compensation (made for the employee by the City), plus interest credits or earnings.

You're always vested in your ASA portion - it's always yours.

Pension - The pension portion of the retirement benefit is funded by contributions made by the employer over the course of the employee's career and separate from the annuity savings account.

Employees enrolled in the PERF Hybrid plan are eligible for retirement benefits at age sixty-five (65) if they have ten (10) or more years of creditable service.

After June 30, 1995, employees may retire at age sixty (60) with at least fifteen (15) years of credible service or if the member's age in years plus the years of credible service equals at least 85 and the member is at least fifty-five (55) years of age.

With fifteen (15) or more years of creditable service, the employee may retire as early as age fifty (50) with a reduced pension.

City Employees hired/rehired between 1/1/2017 and 12/31/21 that are members of the City AFSCME labor union can choose to enroll in either the PERF My Choice: Retirement Savings plan or the PERF Hybrid plan.

Both plans are described above.

Employees have 60 days to choose which option they want, and by state law this cannot be changed.

If no choice is made, the employee will then be automatically added to the PERF My Choice: Retirement Savings plan.

The Indiana General Assembly has enacted a provision that allows public employees to make voluntary contributions in addition to the mandatory three percent (3%) contributions.

Employees may contribute up to an additional ten- percent (10%) of their compensation per pay period to the annuity savings account.

This means that the maximum level of contributions to the annuity savings account under this new provision is thirteen percent (13%) of an employee's compensation per pay period.

Employees who separate from the city within their first ten (10) years of employment need to contact INPRS - PERF regarding their ASA account.

Questions relating to PERF may be directed to INPRS - PERF at:

• I have a valid CDL
• I have a CDL Permit
• I have both (CDL & CDL Permit)
• No