Stay with INPRS After Retirement
Even during life after employment, you still need to check in with INPRS. Below are links to resources that will help you stay connected to us. If you have any additional questions or concerns, feel free to speak with an INPRS Member Advocate by phone at (844) GO-INPRS or (844) 464-6777.
Annual Notice of Right to Elect or Not Elect Federal Tax Withholding
Periodic benefit payments are subject to federal income tax withholding if the taxable portion of the total annual payments equals or exceeds $25,200.00 ($2,100.00 per month). You can choose to have no withholding. You can also choose to have a withholding different than the default standard withholding rate schedule for Single or Married, filing separately. You don’t have to make a change if you do not want to. You're not required to make a change if you are happy with your election.
If you do want to change or revoke an election, you can log on to your secure online account. You can also complete Form W-4P. This form is available at your local IRS office, library, or on the IRS website. Return the form to:
Indiana Public Retirement System
One North Capitol, Suite 001
Indianapolis, IN 46204
You can revoke your election at any time. Your withholding choice will remain in effect until you change it. If you make a change to your withholdings, the changes you make will take effect on future benefit payments.
If you choose not to have taxes withheld, or if you don't have enough federal income tax withheld from your payments, you may be responsible for payments of estimated tax. You may also incur penalties under the estimated tax rules if your withholding and estimated tax payments aren't enough to meet the requirements.
The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), requires us to annually notify you that you may change or revoke your federal tax withholding amount. State Street Retiree Services is providing this notice on behalf of INPRS. If you have questions or concerns, you can speak with an INPRS Member Advocate Monday through Friday, 8 a.m. to 8 p.m. Eastern Time at (844) GO-INPRS or (844) 464-6777.
Systematic Withdrawal Plan for Retirees
Retiring INPRS members may select a new option for accessing their defined contribution (DC) account balance called a systematic withdrawal plan (SWP).
Systematic withdrawals (sometimes referred to as installments) allow you to set up a payment schedule from your INPRS DC account on a monthly, quarterly, semiannual, or annual basis. The remaining balance of your DC account will continue to be invested in the market based on your elections while you are receiving systematic withdrawals. Members who choose this option can make changes at any time, even discontinuing the withdrawals completely. In fact, it is wise to review your withdrawal amounts and investment returns on a regular basis, such as once a year.
Healthcare for Retirees
State of Indiana Retired Medical Benefits Account Plan
The State of Indiana has established this plan as a benefit to retired employees who are eligible for and have received a normal, unreduced, or disability retirement benefit. Qualified retirees of the State are eligible to receive benefits from this plan. Depending on the conditions and limitations described in the plan, qualified retirees will be reimbursed from their Reimbursement Accounts for Qualifying Expenses incurred by them and/or their Covered Dependents.
TRF-Sponsored Anthem Healthcare Plans
TRF offers you this Anthem Medicare Preferred (PPO) with Senior Rx Plus Comprehensive plan (Anthem Medicare Comprehensive plan), that includes many health resources, and benefits that Original Medicare does not offer.