We’ve stopped the presses to go green
Say goodbye to the days of rummaging through your file cabinet to locate the quarterly newsletter you filed away months ago. In January 2012, our newsletter officially became an online publication.
Conversion to an electronic newsletter has helped reduce costs associated with printing, and postage, which is beneficial to members.
You can access the newsletter at any time. The INPRS Web site is available 24/7.
Is saving for retirement on your radar?
Mortgages and car payments are usually the two biggest expenses that people have. If you're contemplating retirement, do you pay off your house, or sell it and move into a retirement community? Do you keep your current vehicle that’s paid off, or buy a new one?
It’s sad and true, but one or two unfortunate life events can cause your retirement plan to spiral. Choose to Save®* recommends keeping unexpected income changes in mind when considering retirement:
- Most retirees will live on a fixed income, mainly Social Security and a pension check
- Prepare for higher healthcare costs for prescriptions and doctor appointments
- Budget to pay for federal and state income taxes if you choose not to withhold on a monthly basis
You may want to meet with a financial advisor to discuss your retirement options based on your goals.
*A program of the Employee Benefit Research Institute’s Education and Research Fund.
Did you say extra money?
Indiana public pensions could get some additional financial support thanks to legislation passed by the General Assembly, which was signed by Governor Daniels in March.
House Enrolled Act (HEA) 1376 sets aside money to help 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.
Get the gist of INPRS and the law
The Indiana Public Retirement System (INPRS) must follow the laws initiated by the Indiana General Assembly which are signed by the governor.
The Indiana General Assembly is the state legislature, or legislative branch of the state of Indiana. The legislature consists of the Indiana House of Representatives and the Indiana Senate. The General Assembly has sole legislative power within the state government.
Each house can initiate legislation. Bills are debated and passed separately in each house, but must be passed by both houses before they can be submitted to the governor.
The last step in the enactment process is for the governor to sign the bill or to let it become law without signature. Bills become effective on July 1 of the year they are enacted unless a different effective date is specified in the bill.
INPRS is a qualified governmental pension plan governed under section 401(a) of the Internal Revenue Code. We are required under federal law to follow not only applicable federal laws, but also the laws put in place by the Indiana General Assembly pertaining to the administration of the seven funds we administer.
For more information on the Indiana General Assembly, please visit their Web site at http://www.in.gov/legislative/index.htm.
Time is of the essence
Q. I’m a 1977 Fund member who is considering the partial lump sum distribution option at retirement. Do I need to apply by a specific date?
A. Yes, the partial lump sum distribution option expires July 1, 2012. If you elect this option, you will need to retire no later than June 30, 2012.
You may elect the partial lump sum distribution option in exchange for an actuarially reduced lifetime monthly benefit. The lump sum would equal your monthly benefit times your years of service.
More information is available in the Fall 2010 newsletter http://www.in.gov/inprs/files/2010FallNPDR.pdf or in the 1977 Fund online handbook http://www.in.gov/inprs/77fundhandbookintro.htm. Contact INPRS with questions at (888) 526-1687 or e-mail at questions@inprs.in.gov.
What are the necessary steps?
Q. I want to request a retirement benefit estimate from INPRS. What do I need to do?
A. If you are a member of the 1977 Fund, Prosecuting Attorneys’ Retirement Fund, Judges’ Retirement System or Excise, Gaming and Conservation Plan, you will need to submit a request in writing to receive a benefit estimate. Include the following information with your request:
- Full name
- Last four digits of Social Security number (SSN)
- Current Address
- Contact Phone Number
- Last day or anticipated last day of employment
- Anticipated retirement date*
All 1977 Fund and Excise, Gaming and Conservation Plan members who elected to participate in the Deferred Retirement Option Plan (DROP) will need to include their DROP entry date with their request. Members should allow 30 days for a response.
*Retirement date must be within 12 months of estimate request date.
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 at
www.inprs.in.gov.
| If your retirement date is: | Apply by: |
| Sept. 1, 2012 | June 1, 2012 |
| Oct. 1, 2012 | July 1, 2012 |
| Nov. 1, 2012 | Aug. 1, 2012 |
| Dec. 1, 2012 | Sept. 1, 2012 |
| Jan. 1, 2013 | Oct. 1, 2012 |
