What You Need To Know About INPRS’s Annual And Quarterly Member Statements
INPRS sends an annual member statement (AMS) to PERF and TRF Hybrid members' mailboxes the month after their birth month, featuring everything they need to know about their INPRS benefit. This statement is designed to be a snapshot of their account – helping your employees make informed retirement and investing decisions. If you have questions on how to read the AMS, check out our FAQs, here. Members of the small funds receive their statements after the end of the fiscal year, typically receiving them in their mailboxes in the fall.
INPRS also provides your employees who have defined contribution (DC) accounts with a quarterly member statement (QMS). This statement provides details about the quarterly activity of your employees’ DC funds including their total account value, account balance history, beneficiary information, and more! To view their QMS, members can log on to their accounts at myinprsretirement.org. For more information on how to read your QMS, click here.
ERM Enhancements Make Your Job Easier
Your ERM experience is about to get a lot better, thanks to recent enhancements that allow you to update employee titles. This is especially advantageous for those employing judges and prosecutors, as their title helps INPRS properly attribute their membership and communications needs.
Review your profile for titles that could use an update and make time to do so before the end of June. This simple update can help INPRS ensure members get accurate information regarding their accounts as we move into the new fiscal year.
If you employ elected officials, make sure you’ve selected the “Elected Official” flag in ERM. This quick update lets INPRS note their unique vesting schedule thanks to their elected official status.
Your collaboration and partnership in confirming and clarifying this data can make for a better member experience both during their working years and when it’s time to retire. Thank you for prioritizing these details in your regular ERM action items. Our team, and members, appreciate your efforts.
Get Ahead Of The Summer Rush By Updating LDIPs Now
Many INPRS members choose to move on to new career opportunities at the end of the school year, and it’s important to make sure that any recently departed employees’ last day in pay (LDIP) is updated in ERM. If this important date isn’t noted, INPRS cannot accurately account for their years of service, which may negatively impact them when they go to retire someday.
While updating last day in pay into ERM, please be sure to also reply to our Employer Advocate team stating if your members will receive a contract payout.
This step helps our benefits team identify why there are high wages in ERM, which ultimately speeds up processing for your member.
If you need help, please reference our educational content on our website or give us a call.
Encourage Your Employees To Register For Our Webinar Presentations
Do your employees want to learn more about their investment options, how their plan works, or ways to budget? We can help! INPRS offers online webinars covering topics important to your employees, including:
- Understanding Your PERF/TRF Plan
- Positive Money Habits
- PERF/TRF Retirement Benefits
- Asset Allocation & Investment Basics Education
- 1977 Police and Fire Fund webinar
Let your employees know about these education opportunities by sending them this information in your next all-staff email. Have them visit here to register for a webinar.
Or, if your team would prefer INPRS to make an on-site visit or conduct a webinar for a group, please reach out to us at questions@inprs.in.gov.
Speed Up Your Termination Process With These Tips!
The employee exit process can be time-consuming. Let us make it easier for you. We’ve compiled a few of the most common questions that come up when employers are closing out recently terminated employee records.
Can I report my employee’s last day in pay (LDIP) during the termination process?
Yes, when it comes to reporting LDIPs, the sooner, the better! We request that our employers report LDIPs as soon as your employee leaves their position. If your employee is retiring or switching jobs, this process allows them to get access to their funds more quickly and saves you a call from us!
What exactly is severance pay?
Severance pay is compensation paid to an employee when an employer terminates employment. Severance includes, but is not limited to, retirement bonuses and commutation of unused sick or personal leave. It is Indiana law to report your employee’s severance. To view Indiana’s regulations regarding severance pay, click here.
Remember to submit severance pay in the appropriate fields on your wage and contribution file uploads. If this does not happen, a member’s annual salary is affected, resulting in a miscalculation of the member’s benefit. For a quick review on this step, refer to the ERM Wage and Contribution Manual along with our Employer Reporting and Maintenance (ERM) Wage and Contribution (W&C) File Layout Specification.
What is the difference between LDIP and the last check date?
LDIP stands for last day in pay, which is the last day the member physically worked for your unit, whereas the last check date represents the last check received by the member from the unit. Often, the last check date’s pay period range includes the last day in pay reported for the member.
Reporting this information late can result in members seeing a delay or a miscalculation of their retirement benefit. Following these guidelines will make your exiting process less of a hassle and speed up the process! If you have any questions about entering a termination life event into ERM, give our Employer Advocate team a call at (888) 876-2707.