Indiana Administrative Code
Title 35 - BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM
Article 1.2 - PUBLIC EMPLOYEES' RETIREMENT FUND
Rule 3 - Creditable Service
Section 3-4 - Full service credit
Current through September 18, 2024
Authority: IC 5-10.5-4-2
Affected: IC 5-10.2; IC 5-10.3
Sec. 4.
(a) Except as otherwise specifically required by law, for all service credit calculations performed on or after January 1, 2007, service credit shall be granted in quarterly increments, with a member entitled to one (1) quarter of creditable service for each calendar quarter in which the member is employed at least one (1) full day in a full-time, PERF-covered position, and for which employer contributions have been made. Notwithstanding any provision to the contrary, service credit shall not be granted for any period of employment if such grant of service credit would result in a member receiving more than one (1) month of service credit for the same calendar month.
(b) A member's first and last quarter of PERF-covered employment, notwithstanding subsection (a), for those quarters in which a member commenced or completed employment in a PERF-covered position, service shall be granted in monthly increments, with a member entitled to one (1) month of creditable service for each month in which the member was employed at least one (1) full day in a full-time, PERF-covered position, and for which employer contributions have been made.
(c) Notwithstanding subsections (a) and (b), once PERF implements ERM, all service credit calculations shall be granted in monthly increments, with a member entitled to one (1) month of creditable service for each calendar month in which the member is employed at least one (1) full day in a full-time, PERF-covered position, and for which employer contributions are made. Notwithstanding any provision to the contrary, service credit shall not be granted for any period of employment if such grant of service credit would result in a member receiving more than one (1) month of service credit for the same calendar month.
(d) This rule applies only to members earning service credit through their employment in PERF-covered positions, and does not apply to members of the other retirement funds administered by PERF. Such funds shall continue to perform service credit calculations in the manner such calculations were performed as of December 1, 2006, unless subsequently amended by law.
