Information about CARES Act distributions
We recently emailed INPRS members information about CARES Act defined contribution account distributions. Read more about who’s eligible, how it works, and how to request a distribution. Please share this information with your employees, especially those who have not provided an email address to INPRS. You may also view our FAQs, here.
Legislative Updates
Changes made during the 2020 Legislative Session are effective soon. Click here for a brief summary of the changes.
How to handle furloughed and laid-off workers in ERM
As an employer, need to understand how to treat a laid-off employee versus a furloughed employee within the EPPA system, do you know what to do? Here’s how you treat those situations.
In most situations, laid-off employees are normally treated as if their employment was terminated, and it would usually trigger a final pay requirement.
Furloughed employees are still employed and generally do not receive an official final paycheck or vacation payout. Furloughed employees can be compensated by their employer during a furlough.
Under INPRS law (IC 5-10.3-7-6), a furlough would be considered a leave of absence. If the employee is compensated by employer, the employee would receive PERF service credit during the leave. If the employee is not compensated, the employer may make contributions for the member so that they can receive the PERF service credit. A member cannot earn the PERF service credit while on a leave of absence without contributions being made for the leave of absence.
To share this information with your colleagues, click here.
INPRS’s Target Date Funds Update in May
On May 1, 2020, INPRS will be moving the assets in the 2010 Fund into the Retirement Fund, as a part of its normal roll down activities. This change will better align the investments within the 2010 Fund with the potential retirement plans of its investors. Additionally, a new fund will be created, the 2065 Fund, which will be available for all members to invest in and will be the default investment option for whose age range indicates its appropriateness, should they not self-select the 2065 Fund for their investments.
For more information, click here.
We’ll be here for you
As INPRS continues into its second month of remote workforce, we want to thank you for your patience and understanding as we’ve adjusted to our new normal. We’re dedicated to supporting you and your employees by:
- Being available via phone, both at EPPA and our member service center and during our normal hours,
- Hosting webinars for members interested in learning about their plan and getting ready for retirement. Register here,
- Virtually meeting with members one-on-one to provide customized education and support. Register here, and
- Updating you regularly on what we’re up to, providing helpful information, and letting you know we’re here to support you.
Thank you to you and your employees for working with us. We’re proud to serve you.
Destination: Retirement – now available!
INPRS’s most recent issues of Destination: Retirement have recently been distributed to our members. Get a copy for yourself:
- Destination: Retirement for PERF, TRF, and LE DC members
- Destination: Retirement for 1977 Fund, Judges, PARF and Excise, Gaming and Conservation Fund members
ERM enhancement is live!
On Mar. 29, INPRS enhanced ERM with some significant changes designed to help you administer your employees’ INPRS benefits more efficiently and will help INPRS better serve you.
Here’s what you need to know:
- All employers with missing members on their rosters after 90 days will now be restricted from using ERM for all employee wage and contribution submissions- not just those for missing members.
- Schools only – A new alternate calendar tab allows you to enter your school break timeframes in ERM. Updating ERM with these breaks will help you avoid receiving the M-90 error on the following wage report for the individuals who did not work during your reported break. You can now add your breaks such as fall, Thanksgiving, Christmas, and spring breaks.
- Retired members with an active sub-unit status will not be considered missing.
- A new column for “Retired w/ Active Sub Unit Status” has been added to the Missing Member report (Includes Millie Morgan, State Disability, Elected Officials).
- New functionality has been added for initial identification, ongoing tracking, and annual validation of “intermittent” employees for all non-TRF funds (similar to what is currently used for TRF substitutes).
- Corrections were made to current validation issues including:
- Allow multiple sequential life events to cover “gaps” in W&C reporting
- Require no gaps from hire date to 1st reporting
- Correct issue to allow “Severance Only” W&C reporting without errors
- Several updates to email language, disclaimers, and terms and conditions.
If you have questions or foresee any issues associated with these upcoming changes, please contact EPPA.
Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.