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May 2022 ER Update

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trf changes

TRF My Choice and TRF Hybrid composite rates will change from 5.5% to a total of  6.0% effective July 01, 2022, through June 30, 2023. For TRF My Choice, the standard cost will be 6.0%, and the supplemental rate will be 0%. This will apply to  the ERM payroll date of  July 1, 2022, and after irrespective of the pay period dates or range.  Please get in touch with your payroll vendors in advance to be prepared for the rate change.

To view more information about the employer communication rates, click here.

Meet Employer Advocate Julia Kindley

Julia Kindley started working for INPRS as a Member Advocate in December of 2019. After a year of hard work, Julia transitioned to the Employer Advocate Team to help employers like you!

In her current role, Julia assists employers with solving errors in ERM, determining eligibility, explaining current laws relating to funds, setting up new units, enlarging units, and more!

“I am a people person so being able to speak with and interact with the employers is a bonus.  I take pride in making our employers experience easier and enjoyable.  I enjoy the complexity and diligence it takes to figure out some of the issues our employers may have. I learn something new every day in this position. We have an incredible team and they make it a joy to come in and participate every day.”

Do you have a question that needs answering? Give our Employer Advocates a call today at (888) 876-2707.

What is vesting?

There are many perks and benefits that come from working in public service and education. Maybe your role allows you to see firsthand the impact you can have on your community, or perhaps your purpose is fulfilled by shaping the lives of tomorrow’s leaders. No matter your drive, each new day brings you closer to achieving vested status, a fitting reward for your service.

If you’re not quite sure what vesting means or how to get there, don’t worry; INPRS will help you understand why this is a critical component of your retirement plan and financial future.

Vesting is the minimum amount of time you must work in one or more covered positions to qualify for a benefit from a retirement fund. Public service employees and educators who are enrolled in the PERF or TRF-Hybrid Fund may be fully vested for a pension benefit after 10 years of service. Some elected officials may be fully vested after eight years of service.

  • Once vested, you are entitled to benefits once you meet the age and service requirements for either early or regular retirement. You are entitled to full retirement benefits when you are:
  • Age 65 with 10 years of creditable and/or eligibility service
  • Age 60 with 15 years of creditable and/or eligibility service
  • At least age 55 and the sum of the member’s age at retirement and their total years of creditable and eligibility service under PERF equal 85 or more (Rule of 85)

You do not have to work for the same employer and the jobs do not have to be for 10 consecutive years, to reach vested status.

Members between ages 50-59 with 15 years of service may be able to retire early, but for a reduced benefit amount. To see if you are eligible, review the section “Early Retirement with a Reduced Retirement Benefit” in your Fund’s handbook.

For members of the PERF or TRF My Choice plan, vesting in the value of variable rate contributions varies by length of participation.

*Below is the vesting schedule for variable rate contributions:

  • 20 percent vested after 1 full year of participation,
  • 40 percent vested after 2 full years of participation,
  • 60 percent vested after 3 full years of participation,
  • 80 percent vested after 4 full years of participation, and
  • 100 percent vested after 5 full years of participation.

*You will not receive credit for partial years of service under the My Choice plan.

As an active PERF or TRF My Choice plan member, you can access any of the funds in which you are 100% vested once you leave service, or if you meet SEA 10 guidelines for in-service distributions. Unvested employer contributions will remain in active members’ accounts.

To learn more about vesting for your specific plan, take a look at your member handbook available here. To check your earned years of service credit or verify your vested status, contact a Member Advocate Team representative at (844) GOINPRS [(844) 464-6777], or feel free to email us at questions@inprs.in.gov.

If you are nearing retirement eligibility, are ready to retire, or want more information regarding your options and the retirement process, register for a one-on-one appointment or webinar at https://bookwithinprs.timetap.com/.

Check your progress toward vesting on your Annual Member Statement, available on your secure online account at www.myINPRSretirement.org. Learn how to calculate your retirement benefit and date using INPRS's interactive benefit estimate calculators, visit www.myINPRSretirement.org/calculators.

Help your employees enroll in e-delivery!

E-delivery allows members to get their statements, 1099s, and other communication online in these 3 easy steps!

  1. Go to your INPRS account at myinprsretirement.org
  2. Click on “Communication Preferences” below your name
  3. Scroll down to “Paperless or Mail Options” and select paperless

INPRS will also communicate web outages and service updates via email. Keep your email up-to-date to ensure you receive important updates in real-time.

Update your contacts in ERM

It is crucial for you to update your contacts in ERM as often as possible. By doing so, you can make sure the right people on your team are notified about issues or requests regarding your submission unit or member accounts. Remember, you cannot delete a previous contact with your unit, but you can make a previous employer contact inactive and disabled in ERM.

As always, you can always contact the Employer Advocate Team at (888) 876-2707 for assistance.

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