After a member retires, benefits provided by this plan will be adjusted annually for the cost of living using the Consumer Price Index CPI with benefit increases or decreases capped at three percent per year. Adjustments will be made each July 1. Additionally, bi-weekly paid members can elect to participate in the University's Short Term Disability program.
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. We use cookies to help your user experience, understand how our website is used, and target promotional activity. By continuing to use the website you are consenting to our use of cookies. For further information and how to manage your cookie preferences, please read our cookie policy.
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. Benefits built under final salary arrangements will receive statutory protection and be linked to the member's final pensionable remuneration, in accordance with the rules of the member's current scheme.
The new pension scheme was introduced from April This operates on a 'career average' basis CARE. The minimum salary included for career average benefits will be the salary at entering the scheme, not the average salary in service to date. So, in effect, the career average element of an Officer's benefits will not be pulled down by time spent in more junior ranks. Under the new scheme the Normal Pension Age will be If Police Officers retire between age 55 and 60, they will be able to take an actuarially reduced pension payable immediately.
The NPPS has a single accrual rate throughout, so weighted accrual will not apply to Officers in this scheme. This is the rate that existing benefits are increased year on year. In order to take the PPS pension, they will need to retire. If they retire and rejoin, abatement rules will be applied. If you require further information on your personal benefits you should contact your Forces pension administrator.
We recommend that you include the following information in your letter of retirement. Corporate Finance will write to you at your home address. Included in the correspondence will be three pension options:. If this is not done prior to your retirement date you could lose the right to a Tax Free lump sum. Payment of your lump sum will normally be made within the first week of retirement.
Voluntary deductions from pay will be taken in full from your final pay. Certain deductions will then be automatically transferred to your pension, unless you notify payroll to stop them. The cost of the relevant deductions will be changed where appropriate to reflect the retired amount. These deductions will include:. As a result of receiving a pension your income tax coding will automatically be transferred. If you are taking up new employment it will be your responsibility to inform the Tax Office at Sunderland about that employment and your new employer that you are in receipt of a pension.
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