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!
Farewell to paper
Quarterly member statements are going electronic. Many members will receive their last paper statement in the mail with a period ending date of June 30, 2012. However, any member still wishing to receive a mailed statement each quarter will be able to do so.
Third quarter statements will be available online in Oct. 2012. By mailing statements only to those who want paper, INPRS can save approximately 4,800 reams of paper each year. This is the rough equivalent of 288 trees. In addition, this could reduce expenses by up to $1 million.
Statements for the period ending Sept. 30, 2012, will be available online in Oct. 2012. Online statements will reduce costs associated with printing, postage and the administration of the funds.
Statements have been available to members in electronic format and on a rolling quarterly basis since 2005. Log on 24/7 to review. For steps on how to access your statement online, please read the "Easy access to INPRS" article below.
Later this summer, members who prefer a paper statement will be able to register online for the mailed statement.
Watch your mailbox for more details later.
Easy access to INPRS
Follow these steps for logging in to your online INPRS account:
Go online to www.inprs.in.gov and click on Member Login.
- Click on TRF Member Login.
- Enter your most recently updated User ID and passcode.
- If you have never accessed your online account, use your Social Security number (SSN) for the User ID and the passcode previously mailed to you.
Once you're logged in, go to the "My Account" tab and click on "Account Details", then "Online Statement." At that point, a list of statements will appear. Click on the one you'd like to view. It's that simple.
If you have questions, contact our customer service center at (888) 286-3544, or e-mail us at
questions@inprs.in.gov.
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
SEA 128
Requires PERF to pay the annual fees of the State Board of Accounts' examination of the funds administered by INPRS. (Currently, only TRF is required to pay these costs.)
Appoints the Pension Management Oversight Commission (PMOC) to study a reporting system for retirement plans of the state or a political subdivision not administered by INPRS. (Currently, these plans must report to PERF information necessary for the actuary to perform an actuarial valuation of the plan.)
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
TRF 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) $150
- At least 10 years, but less than 20 years $275
- At least 20 years, but less than 30 years $375
- At least 30 years $450
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.
The Department of Education may assign licensed or unlicensed teachers to work at failing schools. Licensed teachers are eligible for TRF membership while non-licensed teachers are eligible for PERF membership.
Effective upon passage
The scoop on funded status and investment performance
Members and retirees of INPRS can be assured that INPRS remains in solid shape.
PERF and TRF are among the better-funded public retirement systems in the nation.
As of June 30, 2011, PERF's funded status was 80.5 percent. The funded status of TRF's 1996 Account was 91.7 percent, while the Pre-1996 Account funded status was 32.0 percent. The Pre-1996 Account is a pay-as-you-go plan and is not pre-funded, so its funding status is low by design.
Nationally, state pension plans were funded at about 69 percent according to the
2011 Wilshire Report on State Retirement Systems.
INPRS' investment performance also remains solid. While INPRS is a long-term investor, the system's one-year investment return for the fiscal year ending June 30, 2011, was 19.37 percent.
INPRS investment staff is actively and closely watching developments in the market and assessing its impact on the INPRS' investment portfolio. While the system is not immune from difficult markets, its prudent, long-term approach to well-diversified investing is aimed at insulating investments from dramatic market swings.
Additional information on Understanding Indiana's Largest Pension System can be found online.
What's the new Guaranteed Fund rate?
Members who invest Annuity Savings Account (ASA) funds in the Guaranteed Fund will earn an annual return of 0.28 percent beginning July 1, 2012. The rate is set annually by the Indiana Public Retirement System (INPRS) Board of Trustees.
In setting the rate, board members considered comparable investment options which are publicly available. The new Guaranteed Fund rate setting formula is tied to a two-year U.S. Treasury Note.
The Guaranteed Fund offers an investment option that will not lose value, with a return that is as good as or better than members could find in a similar investment product elsewhere.
Currently, Money Market rates are at 0.10 - 1.05 percent1, one-year bank CD rates are at 0.10 - 1.15 percent1, and one-year U.S. Treasury Bill rates are at 0.17 percent2. Two-year U.S. Treasury Notes are at 0.26 percent2.
The Guaranteed Fund is one of the options in a lineup of investment funds that provide members greater control in saving for their retirement futures.
For all of the investment fund options, please click here.
If you have questions, please contact the customer service center Monday through Friday from 8 a.m. to 8 p.m. EST. Call (888) 286-3544 or send an e-mail to questions@inprs.in.gov.
1Source: Bankrate.com, 6/6/2012
2Source: Bloomberg, 6/6/2012
Know before you apply
Q. I was eligible to retire in May 2011. Will my benefit be effective from the time I became eligible to retire?
A. Retroactive benefits are available for members who did not apply for retirement benefits upon reaching eligibility. For regular retirements, under Indiana law, the member can retro back a maximum of six months from when we receive the retirement application, if the member's last day in pay was at least six months back. Contact us for information regarding retro benefit rules for other types of retirements, such as Disability, Elected Official, if you are age 70 with 20 or more years of service, etc.
To maximize retirement benefits, it is important for members to be aware of when they are eligible to begin receiving benefits so that they do not miss out on payments. Eligibility for TRF benefits is not tied to any other type of benefits, such as Social Security. For questions, contact us at (888) 286-3544 or questions@inprs.in.gov.
