Millie Morgan

Beginning July 1, 2023, active employees age 65 or older with 20 or more years of total service may retire under the Millie Morgan retirement option. Previously, the age requirement for this retirement option was age 70 or older.

Collecting your pension benefit while you continue to work may sound too good to be true, but it's a benefit that's been available for active, long-term employees in INPRS's PERF or TRF Hybrid plans for years. Known as the Millie Morgan retirement option, active employees who meet age and service requirements may choose to begin receiving their pension benefits while remaining employed in their INPRS-covered position.

Legislation passed by the Indiana General Assembly in 2023 expanded the age eligibility to age 65 (down from age 70) and retained the 20 years of total service credit requirement. This means that more long-term employees can begin collecting their pension benefits, which may help more retirement dreams become possible.

Members considering this option will need to review their situation carefully, as their retirement selection is permanent and will not adjust while they continue to work or after they leave PERF or TRF Hybrid-covered employment.

Details to Consider

• The decision to retire under the Millie Morgan eligibility rules is permanent.

• All normal retirement options are available to members retiring under the Millie Morgan eligibility rules.

• You'll need to decide whether to continue making contributions to your defined contribution (DC) account. All PERF and TRF Hybrid members pay 3% toward their DC account; however, some employers pay this on their employees' behalf. If you choose to continue DC contributions, your account will be funded the same way it is today.*

• Selecting this option is a decision you make with INPRS, not your employer. Individuals choosing the Millie Morgan retirement option will remain active employees with their employer until they decide to separate from employment.

• Questions regarding other employer-provided benefits like health insurance or paid time off should be directed to your employer.

• Eligible members are not required to choose this option, nor is there a limited window of time to submit their applications. INPRS will need time to process the members' retirement, but all benefit payments will be paid to the member in full upon final processing based on the members' chosen retirement date.

How to Apply

• Active PERF and TRF Hybrid employees whose age and service meet the eligibility criteria can log into their account at myINPRSretirement.org and complete their retirement application.

• Eligible members wishing to apply for their benefits based on the new rules must choose a retirement date of July 1, 2023, or after. Members wishing to receive their benefits with a July 1, 2023, retirement date must submit their completed application on or before June 30, 2023.

• Applications submitted after June 30, 2023, should select the first of the month following their submission date. For example, an application submitted on Oct. 10, 2023, would choose Nov. 1, 2023, as their retirement date.

• Within the application, members will select the Retirement Type "MRET" and then choose "yes" when the prompt "I want to continue working" is displayed.

• Next, members will be required to decide whether to continue making contributions to their defined contribution (DC) account. Many employers pay the employee share of 3% while other employers do not. If a member selects "yes" to this response, the employee share will continue to be deposited to the member's DC account the same way it is today.

• Upon submission, INPRS will review the members' eligibility and, if everything is correct, begin paying the member their pension benefits according to their payment selections.

• INPRS will need time to process your retirement, but all benefit payments will be paid upon final processing based on your chosen retirement date.

Get Started at myINPRSretirement.org

How to Calculate Your Options

Members considering the benefits of collecting their pension benefits under these new rules may be wondering what will be best in the long run. While there are many factors to consider, every member's unique situation and needs mean that there's no one answer to the question "Should I take my benefits now or later?"

However, there are a few common questions and scenarios worth exploring and calculating on your own. INPRS's retirement benefit calculator, which is pre-filled with the data we have on file for you within your secure online account, is a great place to start.