My Choice: Retirement Savings Plan Member Handbook for Local Government Employees: After Retirement

Tax forms, withholding and direct deposit elections must be made through MetLife.

Death of a Member

In the event of your death, INPRS must be notified so that your beneficiaries receive their payments promptly. INPRS needs a copy of the death certificate to make any distributions of available balances. Although employers may inform INPRS of your death, the death certificate will still be required. Employers do not always provide a member’s death notification.

INPRS will distribute the money to your designated beneficiaries. The named beneficiary’s right to a distribution vests upon your death. Beneficiary changes received after your death cannot be honored.

If you name more than one primary beneficiary, and one of them precedes you in death, the amounts your other beneficiaries receive may be affected. If you don’t file a new beneficiary designation form, the remaining primary beneficiaries will receive a portion of the deceased primary beneficiary’s share based upon the remaining primary beneficiaries’ percentages.

DECLINING OR PASSING THROUGH A BENEFIT

Indiana law allows a beneficiary to decline a bequest or personal property. The law also decides how the bequest is handled if the beneficiary declines it. For more specific information on your situation, please contact INPRS directly.

Changing Your Beneficiary after Retirement

You may change your designated beneficiary or form of benefit after retirement at any time, for any reason.  However, if you elected a Joint and Survivor option for your annuity, and your spouse is your survivor beneficiary, you must obtain his or her written consent before removing them as a survivor. If you and your spouse divorce, you may remove your ex-spouse as a survivor unless it is prohibited in the divorce decree or property settlement agreement. You are able to change your beneficiary or form of benefit as you see fit after you retire, even if you get divorced, unless it is prohibited in your divorce decree.

Working after Retirement

You can go back to work after you retire and still receive your annuity. If you re-employ with a new employer, you are eligible to choose between the PERF Hybrid plan and the My Choice: Retirement Savings Plan, if the new employer allows you to choose. If your re-employment occurs within 30 days of your retirement, your retirement is void. You may be required to repay any distributions you received. For example, if you stop working on May 18, your retirement date is June 1. You qualify to re-employ in a My Choice-covered position on or after June 18. If you return to a My Choice-covered position within 30-days after ending service, your retirement is void.

Your application for retirement benefits is void if you have an agreement, formal or informal, prior to your retirement, with a covered employer to return to work in a covered position. Your effective retirement date is the first day of the month in which you received retirement benefits. There is no limit on earnings for retired members who return to work in a My Choice-covered position. Years of participation are no longer earned and no money is put into your account. If you retire from a My Choice-covered position and re-employ in a My Choice-covered position after 30 days, you can be re-enrolled in the My Choice: Retirement Savings Plan.

If you retired from another Indiana public retirement fund (such as the 1977 Police Officers’ and Firefighters’ Retirement Fund) you do not have a minimum period of separation before taking a My Choice-covered position with the same employer if you are age 55 or older. If you are younger than 55, you must separate from service for 30 days before returning to work.


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