My Choice: Retirement Savings Plan Member Handbook: Important to Know
Please register for your INPRS online account. When you register, you can update your address or select or change your beneficiary. You can also change your Annuity Savings Account (ASA) investment choices. You can access your account by going here. Once you register, a PASSCODE will be mailed to you. Or, you can also ask a customer service representative to email it to you. You can log in to your account with your User ID and passcode you created during registration.
Quarterly Member Statements
- Quarterly member statements are now electronic. Log on to your online account to see your quarterly statement. Here you will find information about your account balance and earnings. You can view your statement as long as you have money in your account. You may view your account even if you no longer work in a My Choice-covered position. If you prefer a paper statement, you can register online for a mailed statement.
- The quarterly statement shows your contributions and any change in value to your holdings. For most members, the employer pays the 3 percent mandatory contributions. The employers’ contributions are pre-tax. When your employer does not make the contribution, you pay the contribution post-tax. The earnings on the contributions are not taxed until you withdraw the funds. This is also true for voluntary pre-tax contributions. Taxes are due when you receive a retirement benefit or take a withdrawal.
Changing Your Personal Information
It is vital that you keep us informed about changes to your name, address or beneficiaries, as long as you have money in the plan. It’s easy to update this information when you register for your INPRS online account. Please note that changing your information with your employer will not update that information with INPRS. You need to contact us directly, as this is the only way to update your personal information.
Beneficiaries – You may change your beneficiary any time before you take a distribution. You can make changes on the INPRS website. Use the View or Change Beneficiary function. It is VERY IMPORTANT that you report any beneficiary change. Failure to make changes may result in a payment going to someone who is no longer your choice to receive your balance.
Address/Name – The address on file in our records is the only contact information we have for you. If you leave your My Choice-covered position, you may qualify to withdraw your account. You must report any change of address to us. Include the following:
- Last 4 of Social Security number or Pension ID (PID),
- previous name and/or address,
- new name and/or address, and
- printed name and signature
Register for your INPRS online account to make changes to your account information quickly and easily.
You can submit a change of address through your online account once you’ve registered. You can change your name by completing the Member Data Change form. You can only submit requests for change of name in writing. When you submit your change, you must have the required legal documentation such as a court order, divorce decree, or marriage license.
You are able to change your beneficiary or form of benefit as you see fit after you retire, even if you get divorced.
Your pension benefit from PERF is protected. Your monthly pension benefit is exempt from seizure, levy, attachment, and other processes. See IC 5-10.4-5-14 for more information.
The only exceptions to this rule are:
- an action by the IRS, OR
- if you forfeit your benefit.
NOTE: PERF is a governmental plan. It is exempt from the provisions of the Employee Retirement Income Security Act (ERISA). Therefore, INPRS does not recognize Qualified Domestic Relations Orders (QDROs) as described in ERISA.
Holds on your account
Indiana law will allow some holds to be placed on your account. Your account may be held because of a tax levy or embezzlement. These holds affect if, and when, you can take a distribution. For more information, contact INPRS at (888) 286-3544.
Section Five: Retiring from the Plan