Members who qualify for LTD will receive service credit under the pension plan to the member's early retirement date, but not in excess of 20 years.
The non-probationary police officer's salary at the time of disability will be used in the calculation of pension benefits. Members who are unable to perform the duties of their occupation but do not meet the requirements for total and permanent disability under the University's LTD program will be protected in the event they pursue other gainful employment.
In these cases, an amount will be paid in concert with new wages to ensure the member receives at least 65 percent of their base salary prior to disability. This provision is included to facilitate a return to work, although no benefits will be payable unless the member is gainfully employed.
These LTD benefits are payable until age 65 or when retirement benefits are available from Police Officers and Firefighters Pension Plan, whichever is earlier. If a member dies before becoming eligible for a pension benefit younger than age 55 or fewer than 10 years of creditable service , a survivor benefit is payable through an insurance type program. The table below shows the annual survivor benefits based on years of service under the plan. Benefits are calculated as a percent of the member's base salary at the time of death.
If a member dies who is over the age of 55 with 10 or more years of creditable service, survivor benefits are paid from the pension plan.
Purdue has arranged for TIAA to serve as the administrator of the payments made into and from the Police Officers and Firefighters pension plan. TIAA handles benefit payments, prepares and files reports to the Internal Revenue Service, and issues Rs for individual income tax reporting. TIAA also has the pension expertise to provide advice and counsel on legal requirements and modifications necessary to maintain a plan of this nature.
A Wage Assignment Form must be completed by each eligible plan participant to become a member. Members are encouraged to keep beneficiary information up to date when changes occur by completing the beneficiary designation form. Annual Report of Estimated Benefits. Each year, an individualized statement will be prepared for each member.
A projection of the benefit payment, based upon the member's current status and some standardized assumptions, will be included as well as a brief summary of this plan's other benefit provisions.
Members planning retirement should notify Staff Benefits approximately 30 days prior to the scheduled retirement date. Staff Benefits is responsible for assisting members in initiating benefit payments.
Help in estimating retirement income and completing pension applications is available by scheduling an appointment. To illustrate the way in which the pension component of this program works, some examples are provided. John Purdue has served as a police officer for 20 years and turns 55 years old during this year.
Although he does not plan to begin his Defined Benefit retirement yet, an estimate based on a single life option was made to determine the Police and Fire pension. Purdue Pete began working as a firefighter at the age of When he reaches the age of 55, he will be credited with 32 years of service.
He will be eligible for the maximum benefit allowance. Pete intends to take another position at Purdue, so an estimate based on a single life option was made to determine the Police and Fire Pension.
Betty Boilermaker came to Purdue to start a second career at age Her intention is to retire at Officer Rowdy is currently 31 years of age, and by at age 55 will have 25 years of service. However, he may continue working and receive credit for additional years of service. Projecting the salary of a non-probationary patrol officer's salary at 1.
Early retirement: a pension is payable after a member, aged 55 or beyond, has served as a police officer or firefighter for at least 10 years, but less than 20 years. My Account. About Us. Contact Us. Police Pension Reform. Key features of the reform: Police Pension Reform - updated November In November , the government published further information on long-term Police pension reform , setting out their position on some of the details of the new Police pension scheme, including information on how transitional arrangements will apply.
Key features of the reform are: 1. There are no changes to the pension age or the amount received at retirement for: PPS members who, as of 1 April , have 10 years or less to age 55 or have 10 years or less to age 48 and are 10 years or less from a maximum unreduced pension; and NPPS members who as of 1 April , have 10 years or less to age The average member contribution is expected to be Pensions in payment and deferred benefits will increase in line with CPI.
Other things you should know. Where should you look if I need further advice on Police Pensions? How does 'tapered' protection work? Benefits accrued after this date will be on the 'career average' basis. Should I stay in the Police Pensions scheme? How are my benefits affected by the Police Pensions reforms? Topical news Money-saving tips Exclusive prize draws.
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