Let’s get social!
INPRS has joined the social media revolution! We’re now on Facebook, Twitter and YouTube to provide members with the knowledge and tools necessary to get the most out of their retirements and benefits.
Make sure to check back frequently to get the latest news and information. “Like” us on Facebook, follow us on Twitter, and view our videos on YouTube to stay in the know!
Double check your statement
Members of the 1977 Fund will receive annual statements in August. These statements will include current years of service and dependant information. Please make it a point to review your statement, including service credit information. Notify INPRS immediately if you find errors, or have questions. Statements reflect account activity from July 1, 2011 through June 30, 2012.
If you have questions, e-mail us at
questions@inprs.in.gov or contact our customer service center at (888) 526-1687. We are available Monday through Friday from 8 a.m. to 8 p.m. EST and closed on weekends and state designated holidays.
How will you manage your finances in retirement?
Have you ever exceeded your budget while on vacation? If so, it probably seemed like a lifetime until your next paycheck. As you consider retirement, how will you manage your finances?
Retirement is a long vacation, and you don’t want to outlive your assets. Plan on living within your means, and, recognize the difference between wants and needs. You can find additional funds by cutting down on want-driven expenses.
With the rising costs of housing and health care, your pension check and Social Security may not be enough to sustain your lifestyle in retirement. And, people are living longer today than ever.
Have you considered supplementing your income with other sources that will improve your income potential over the course of your retirement? You may want to meet with a financial advisor to discuss your retirement options based on your goals.
2012 Legislative Summary
The following legislative changes were approved by the 2012 Indiana General Assembly. Listed below are the items most relevant to our members. For a full list of legislative changes, visit http://www.in.gov/inprs/2691.htm.
SEA 127
PERF and TRF boards combined in July 2011 and formed the nine-member Indiana Public Retirement System (INPRS) board. This bill makes name changes to existing law in order to accommodate the PERF and TRF board merger.
Effective July 1, 2012
HEA 1003
If adopted by the board, an electronic communication policy must be posted to the INPRS Web site. This would allow INPRS board members to participate in meetings through electronic communication under certain conditions.
INPRS board members must attend at least one face-to-face board meeting annually.
INPRS board members who participate in meetings via electronic communication are considered in attendance as part of the group with voting rights.
Effective Jan. 1, 2013
HEA 1123
Excise, Gaming and Conservation Plan 13th check: Provides that not later than Oct. 1, 2012, the Board shall pay a 13th check to a member (or survivor or beneficiary of the member) who retired or was disabled on or before Dec. 1, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. The amount of the 13th check is as follows:
- At least five years, but less than 10 years (disability) $125
- At least 10 years, but less than 20 years $235
- At least 20 years, but less than 30 years $325
- At least 30 years $400
Effective June 20, 2012
HEA 1376
The excess revenue in the state general fund will help to increase the funding status to 80 percent for funds of the Indiana Public Retirement System (INPRS). Those funds include the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ Retirement Plan, the Judges’ Retirement System and the Prosecuting Attorneys’ Retirement Fund. The State Police Fund, which INPRS does not administer, will also benefit from this funding. Any excess money that remains after funding the INPRS-administered plans and the State Police Fund will go to fund the pre-1996 Teachers’ Retirement Fund (TRF). If there is an excess in or after 2013, then 50 percent of the excess will go to fund the pre-1996 TRF.
Effective upon passage
- Members of the 1977 Fund will receive a 2.8 percent cost of living adjustment (COLA).
- Members of the Judges’ Retirement System (JRS) will receive a 2.2 percent cost of living adjustment (COLA).
Effective July 1, 2012
Do you qualify?
Some 1977 Fund members may be eligible for a tax-free disability benefit, according to a state law, which was recently approved by the Internal Revenue Service (IRS).
Those affected include 1977 members, or survivors of members who were hired for the first time before Jan. 1, 1990, and/or who were injured in the line of duty before July 1, 2000, and suffer from a specific duty-related impairment. This benefit is not retroactive.
Members who meet the criteria above should have received a letter from INPRS. If you believe you qualify, please reference the procedures on our Web site at http://www.in.gov/inprs/hea1048.htm.
Contact the call center at (888) 526-1687 Monday through Friday from 8 a.m. and 8 p.m. EST if you have questions.
Know before making an election
Q. I’m a member of the 1977 Fund. When I retire, I want my insurance premium to be deducted from my monthly pension benefit. What do I need to know about this election?
A. You may elect this option if you have separated from service with your INPRS-covered employer due to disability or after reaching normal retirement age.
As a qualified public safety retiree, you may be able to use up to $3,000 per year from your pension, on a tax-excluded basis, to pay for health insurance or long-term care insurance premiums. In order to receive the tax exclusion, your insurance premium must be paid directly from the pension fund, and you must claim it as a deduction on your Form 1040 when filing your taxes. Consult a tax adviser for more information.
Contact INPRS at (888) 526-1687 if you have questions, or e-mail us at questions@inprs.in.gov. We are available Monday through Friday from 8 a.m. to 8 p.m. EST.
Three months, one quarter…it’s all the same
Here are some dates for submitting retirement applications to INPRS. For more information about retirement, visit our Web site.
| If your retirement date is: |
Apply by: |
| Dec. 1, 2012 |
Sept. 1, 2012 |
| Jan. 1, 2013 |
Oct. 1, 2012 |
| Feb. 1, 2013 |
Nov. 1, 2012 |
| March 1, 2013 |
Dec. 1, 2012 |
| April 1, 2013 |
Jan. 1, 2013 |
