Language Translation
  Close Menu

INPRS Annuities

INPRS annuities through MetLife

INPRS partners with MetLife to offer annuities at competitive rates. With MetLife, not only do you still have the ability to purchase a lifetime income annuity with all your INPRS defined contribution (DC) and rollover savings account (RSA) assets, but also only a portion of those assets.

Please visit the MetLife Retirement Income Center to get an annuity estimate. If you are not eligible, not ready to retire, or do not wish to annuitize your retirement funds, there’s nothing you need to do now.

If Your Last Day in Pay*

And Your Retirement Date

And Your Application Was Received 

Your Annuity Provider is

Was on or before Nov. 30, 2017

Was on or before Dec. 1, 2017

By or before Nov. 30, 2017

INPRS

Was on or before Dec. 1, 2017

Was Jan. 1, 2018, or later

By Dec. 1, 2017, or later

MetLife

*Your retirement date is the first day of the month after your last day in pay. Your last day in pay status is usually the date most people think of as the last day they are paid to work, including any specific days you are paid while not at work, such as vacation time.

What is the difference between my “Last Day in Pay” and “Retirement Date?”

Your retirement date is the first day of the month after your last day in pay. Your last day in pay status is usually the date most people think of as the last day they are paid to work, including any specific days you are paid while not at work, such as vacation time.

Example: If your last day in pay status is in November, your retirement date will be Dec. 1.

If the Month of Your Last Day in Pay is …

Your Retirement Date is …

January

Feb. 1

February

March 1

March

April 1

April

May 1

May

June 1

June

July 1

July

Aug. 1

August

Sept. 1

September

Oct. 1

October

Nov. 1

November

Dec. 1

December

Jan. 1

The cash refund feature is optional for INPRS participants when purchasing annuities from MetLife

Retiring members of INPRS' defined contribution plans are able to choose MetLife’s annuity payment options, the single life annuity or the joint and survivor annuity, with or without the cash refund feature. A cash refund feature is when a member receives an annuity for life, and at their death, the beneficiary gets the total used in calculating the annuity minus the total annuity payments made to the member.

For example, if you purchase an annuity for $100,000 and are paid out only $60,000 before you pass away, your designated beneficiary will receive the remaining balance that you had paid for your annuity, or approximately $40,000.

If this option sounds appealing to you, read more about it as you use MetLife's Retirement Income Calculator. Click here to get started.

For more information, view our FAQs below.

Annuitization FAQs

View more annuity FAQs

More questions?

If you have questions, INPRS is here for you. If you’re ready to retire or wish to learn more about lifetime income, contact us at (844) GO-INPRS or schedule a workshop or appointment with one of our retirement counselors. Please register for a workshop or appointment, here.

 INPRS News & Events

More News & Events

 Top FAQs