The Indiana Public Retirement System (INPRS) is kicking off open enrollment for Hero’s Honor, its line-of-duty special death coverage, beginning Nov. 1.
Certain emergency medical service providers have the opportunity to provide their employees with $225,000 of line-of-duty death coverage for just $100 per year for each employee, through INPRS’s program, Hero’s Honor.
- EMS workers employed by a person that has contracted with a political subdivision;
- Emergency medical service providers performing air ambulance services employed by a health care system affiliated with a state educational institution;
- Police officers and firefighters* who work for non-state post-secondary educational institutions;
- Police officers employed by an operator**
- County and deputy coroners (effective July 1 , 2023) *** ; and
- Firefighters who work for a public-use airport that maintains a fire department.
For more information about Hero’s Honor or to download an enrollment form, please visit www.in.gov/inprs/heroshonormain.htm. If you have questions, please contact the Employer Advocate team at (888) 876-2707 or at eppa@inprs.in.gov.
2022- 2023 Employer Contribution Rates
The breakdown of the PERF 2022 contribution rate (for state of Indiana employees) of 11.2 percent is 3.2 percent for normal cost and 8.0 percent for amortization of the unfunded liability effective July 1, 2021, through June 30, 2022. Effective July 1, 2022, the total contribution rate remains the same at 11.2 percent, with 3.7% being the normal cost and 7.5% for amortization of the unfunded liability.
For Local Government (political subdivisions), employers choose how much to contribute to employee accounts, from 0 percent up to the normal cost of the fund. Effective Jan. 1, 2022, the normal cost is 3.9 percent. Beginning in January 2023, the normal cost will be 4.4 percent.
In addition, political subdivisions must make a supplemental contribution toward the fund’s actuarial unfunded liability. Effective Jan. 1, 2022, the supplemental contribution is 7.3 percent. In January 2023, this contribution rate will be 6.8 percent.
Please note that the breakdown of the rate can change each year.
For more information on Employer Contribution rates, click here.
Small Funds Annual Member Statements are Coming Soon
Members of the JRS, Excise, PARF, and '77 Fund will soon receive their Annual Member Statements (AMS). Their statement covers account activity from July 2021 to July 2022 including, but not limited to, pension, retirement, and beneficiary information. Employees will be receiving their AMS via mail and can also view them online at myinprsretirement.org.
Please notify INPRS immediately if you or your employees find errors or have questions.
Retirement Security Month May be Over, but the Opportunity to Learn is Not!
Thank you for celebrating National Retirement Security Month with us! While our month to celebrate all things retirement security may be over, our work toward preparing you and your employees for a secure retirement is now. There's no better time than now to start packing early for your journey into retirement. The team at the Indiana Public Retirement System can help you plan for the trip of a lifetime, even if it's many years into the future.
Kick off your retirement planning adventure by viewing our resources here!
Reminder to ’77 Fund Employers
If you had an employee transfer to another ’77 fund employer within 180 days, you will only need to fill out the Intent to Hire form, not the Baseline Examination application. The only time a Baseline Examination application is needed is for initial entry into the ’77 Fund unit.