Retirement

403(b) Eligibility-Annual Notice

 

Retirement for Teachers

There are various retirement benefits available to employees of Carmel Clay Schools (in an eligible class.) For teachers, the school corporation pays a total of 10.5% into ISTRF (Indiana State Teachers Retirement Fund). Additionally the school corporation contributes 1% of the salary into a 401(a) account each pay, and for certain employees, the employer contributes into the VEBA (Voluntary Employee Benefit Plan.) VEBA helps pay medical insurance expenses/premiums and out of pocket medical expenses after retirement.

Several options exists for voluntary contributions to other 403(b)'s. Currently those vendors approved for payroll deduction are

Retirement – Classified Staff

Classified Staff in an eligible class participate in the Public Employees Retirement Plan (PERF).  Carmel Clay School Corporation pays a percentage of this retirement and staff may be required to also pay a three percent into the annuity savings.  A person must have participated in PERF for ten years in order to be vested.  Additionally, the school corporation contributes each pay for employees in an eligible class one percent of salary into a 401(a) account.  Employees must be employed in Carmel Clay School Corporation for ten years in order to be vested in this account. 

Employees who earn salary on a consistent basis may make voluntary contributions into 403(b) plans.