RETIREMENT BENEFITS | SUPPORT STAFF
How do I know if I have enough years to retire from Center Grove Community School Corporation?
You must be at least fifty-five (55) years of age and have at least fifteen (15) years of experience at CGCSC, or sixty (60) years of age and have at least ten (10) years of experience at CGCSC.
I know I am eligible to retire from Center Grove Community School Corporation, what is my next step?
If you plan to retire from employment with CGCSC, you must do so in writing. In the letter you must state your last “service date” with CGCSC. The letter should be given to your immediate supervisor who will notify Human Resources.
Do I receive any benefits from Center Grove Community School Corporation when I am ready to retire?
Upon retirement from CGCSC, you will be paid for time worked. You will receive pay for any unused vacation and personal time, if available. You will also be offered a Retirement Severance Package under the conditions listed below.
- $40 for each accumulated sick leave day for 6.5-8 hour employees (not to exceed 75 days)
- $20 for each accumulated sick leave day for 6 hour or less employees (not to exceed 75 days)
- $80 for each year of experience with the CGCSC (not to exceed $4,200)
What if I work in a PERF (Public Employees Retirement Fund) covered position? What does that mean for my retirement?
Eligible Participant – Permanent, full-time employees who work six hundred (600) or more hours each year and whose position has been specified in a resolution passed by the Board of School Trustees as a PERF covered position. Employees may not be covered by another public retirement or pension plan as well.
If you meet the eligibility requirements mentioned above, you are required to participate in the Fund. Under state law, you must contribute 3% of your gross wages (regular and overtime pay) through payroll deduction to fund an Annuity Savings Account (ASA). You become vested in the ASA immediately and contributions are credited to an individual account in your name. CGCSC also contributes an additional percentage of gross payrolls to this fund for each employee towards a defined Pension Benefit. You begin earning service credit toward eligibility for a defined Pension Benefit, which is based on your years of service and wages at the time you apply to retire. You are vested (entitled to full pension benefits) after ten (10) years of creditable service in PERF-covered employment.
Eligibility for Pension Benefit Payments:
- Age 65 with 10 years of service
- Age 60 with 15 years of service
- Age 55 if age and creditable service total at least 85 (“Rule of 85”)
- Early retirement with reduced benefits between ages 50-59 with 15 years of service
- Special provisions for certain elected officials
If you meet the details as stated above and wish to retire from PERF or have questions about your pension benefits you may contact PERF at:
Public Employees Retirement Fund (PERF)