Contribution Rates and Appropriation Amounts Approved by INPRS Board: Small Funds Plan Members
By Dimitri Kyser - February 7, 2024
The INPRS Board of Trustees approved employer contribution rates for several of INPRS’s plans during the Oct. 27, 2023, Board of Trustees Meeting.
Total Contribution Rates Effective 1/1/2024 (Calendar Year 2024 [CY24])
2024 | 2025 (new) | |
|---|---|---|
'77 Fund | 19.10% | 20.30% |
EG&C | 20.75% | 17.90% |
The ’77 rate increased largely due to liability losses driven by faster-than-expected salary growth, demographic experience, and asset losses. The EG&C rate decreased because the fund reached 95% funded, which according to the INPRS Funding Policy, allows the contribution rate to begin to decrease towards the Actuarially Determined Contribution.
Appropriation Requests
No appropriation requests were voted on at the board meetings because they were already set in the FY24 – FY25 budget passed by the General Assembly in early 2023. As a reminder, here are the amounts of those appropriations (from HEA 1001-2023).
FY 2024 | FY 2025 | |
|---|---|---|
JRS | 21,666,793 | 22,240,963 |
PARF | 4,397,795 | 4,514,337 |
LE DB | 745 | 745 |
LPSPR | 152,500,000 | 152,500,000 |
JRS amount above includes an assumed $7,153,000 of court and docket fees. It may turn out to be a few dollars different when it really comes in, but it’s been fairly consistent year over year.
Supplemental Reserve Accounts
The INPRS Board approved the following surcharge rates for the supplemental reserve accounts starting Jan. 1, 2024.
2023 | 2024 (new) | |
|---|---|---|
EG&C | 1.00% | 1.00% |
There were no changes at this time.