My Choice: Retirement Savings Plan Member Handbook for Local Government Employees: Important to Know
Your Secure Online Account
Please register for your INPRS online account. You will need the PIN you were mailed to register for the first time on the website. You also need to keep your PIN for ongoing access to the automated phone system. If you lose or cannot locate your PIN, you can still register on the website by clicking “Register now” and selecting Social Security Number and date of birth, and following the instructions including answering security questions to confirm your identity.
When you register, you can update your address or select or change your beneficiary. You can also change your Defined Contribution (DC) Account investment choices. You can access your account by going here and clicking “Register now.”
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, even if you no longer work in a My Choice-covered position. If you prefer a paper statement, you can elect to receive a mailed statement. Log on to your online account and select Communications Preferences under the My Profile link, located in the top right hand corner of the page.
- 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. Name change requests may only be done 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 may change your designated survivor/and or retirement benefit option at any time, for any reason.
- If your survivor is your spouse and he or she is living when you make the change, you must obtain his or her written consent.
- You are able to change your beneficiary or form of benefit as you see fit after you retire, even if you get divorced.
Your monthly annuity benefit is exempt from seizure, levy, attachment, and other processes. The only exception to this rule is garnishment by the IRS, state or your employer for certain criminal actions, or failure to pay taxes.
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.
Section Five: Retiring from the Plan