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 | On 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
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.
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