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Destination: Retirement - Summer 2021 ('77 Fund JRS PARF and EG&C)




INPRS lobby reopens to normal hours and services

Our lobby has returned to normal hours! We are open from 8 a.m. - 5 p.m., Monday through Friday.

Members can speak with an INPRS team member regarding the following services:

  • Verification of benefits
  • PIN requests/account login assistance
  • Scheduling for counseling/webinars/events
  • General plan questions and account information – years of service, DC balances, retirement eligibility
  • Benefit estimates
  • Quarterly/Annual Statement questions
  • Duplicate 1099s

We look forward to seeing members in person, should that be your preference. As always, our team is available for virtual appointments. You can register for a one-on-one appointment or webinar here.

If you have questions, please contact our Member Advocate Team at (844) GO-INPRS or (844-464-6777) or email us at questions@inprs.in.gov.

*Early withdrawal penalties may apply. Please check with your trusted tax advisor.

6-months retro-active benefit

If you are eligible for normal or early retirement but have not yet applied, INPRS can provide a retroactive benefit of up to six months. The benefit is based on the date you submit your application.

More information on retro-active benefits as outlined in Indiana Code (IC) 5-10.2-4-1(d).

2021 Legislative updates

The 2021 Indiana General Assembly recently approved several legislative changes impacting INPRS and its members. These laws went into effect on July 1, 2021, (unless otherwise stated):

Senate Enrolled Act 94 (SEA 94) – Pension matters
  • INPRS is now the administrator of the Governor and Surviving Spouses’ Pension Plan (GSSP).
  • Provides that interest shall be credited to the account of each participant in the Prosecuting Attorneys’ Retirement Fund (PARF) at least annually.
  • Judges' Retirement System (JRS) members who forfeited service when terminating from the fund can now regain the lost service if they reenter the fund. They can do so by repaying the full amount received at termination plus interest at a rate determined by INPRS.
  • Provides that to be eligible to receive RMBA benefits, participants no longer have to apply for a retirement benefit on their last day of service from their retirement fund in order to qualify.
  • Establishes that INPRS may collect an overpayment from members, survivors, or beneficiaries.
    • If an overpayment is being collected from recurring monthly benefits, the board may not require more than 25 percent of the monthly benefit to be used to repay the overpayment.
    • If an overpayment to a member, survivor, or beneficiary began before July 1, 2015, and was caused by no fault of the member, survivor, or beneficiary, in applicable cases the board may only require the member, survivor, or beneficiary to pay the amount received during the 6 years prior to discovering the overpayment and may not collect more than 10 percent of a recurring monthly benefit.
Senate Enrolled Act 396 (SEA 396) – 1977 Pension and disability fund
  • Specifies that if a unit has a certified salary in effect on 5/14/21 that is higher than the first-class officer salary under the amended definition, the unit does not have to decrease its certified salary.
  • The certified salary cannot be increased until the first-class officer salary under the amended definition (provide amended definition) is higher than the certified salary.
  • Amends the definition of a first-class officer’s salary as the highest non-promoted salary of a patrolman or firefighter plus all longevity increases – if provided by the employer – for 20 years or less, or less for than 25 years if done through the meet-and-confer process.
  • Employers must maintain the longevity increase for one year after increasing it during the previous year.
  • Employers must provide INPRS any reports or records requested effective July 1, 2021.
  • Employers must submit first-class officer salary to INPRS before Jan. 1, 2022, or upon INPRS request:
    • The State Board of Accounts (SBOA) or INPRS may examine any allegation of an employer failing to make the required payments related to the first-class officer salary.
    • If the employer does not provide the reports or records requested by INPRS, INPRS may fine the employer $100 a day; and INPRS may withhold money payable to the employer through the auditor.
  • If an employer increases the salary of a first-class salary officer or firefighter, INPRS may require the employer to at least maintain that salary to avoid a negative fiscal impact.
Senate Enrolled Act 232 (SEA 232) – Exposure risk diseases
  • Adds any variant of severe acute respiratory syndrome (SARS), including coronavirus disease (COVID-19), to the list of exposure risk diseases for purposes of emergency and public safety employee death and disability presumed in the line of duty.
  • Applies to an employee who is diagnosed after June 30, 2021, with a health condition caused by any variant of SARS, including COVID-19.
  • Requires members who wish to have a presumption of disability or death incurred in the line of duty to sign an affidavit, executed before death, providing verification that the member was not, outside the scope of the member's current employment, knowingly exposed to any variant of SARS or COVID-19.
House Enrolled Act 1001 (HEA 1001) – State budget
  • A one percent cost of living adjustment (COLA) will be provided on Jan. 1, 2022, to PERF and TRF retirees.
  • PERF and TRF retired members in pay status will receive a one percent COLA regardless of whether a retiree receives the minimum benefit.
  • Members of these funds who retire after 1/1/22 but receive retroactive payments back to 1/1/22 will receive the COLA.
  • Survivors who receive retroactive payments back to 1/1/22 will also receive the COLA.

Contact our Member Advocate Teams at (844) GO-INPRS or (844-464-6777) or view your member handbook online for more on member funds.

Online Security Tips

Building a successful retirement portfolio to cover post-employment expenses and provide financial flexibility for you and your loved ones takes years, but it only takes minutes for someone to gain access to your online account funds to steal your financial information.

You can reduce the risk of fraud and loss to your retirement account by following these basic rules:

REGISTER, SET UP AND ROUTINELY MONITOR YOUR ONLINE ACCOUNT
  • Maintaining online access to your retirement account allows you to protect and manage your investment.
  • Regularly checking your retirement account reduces the risk of fraudulent account access.
  • Failing to register for an online account may enable cybercriminals to assume your online identity.
USE STRONG AND UNIQUE PASSWORDS
  • Don’t use dictionary words.
  • Use letters (both upper and lower case), numbers, and special characters.
  • Don’t use letters and numbers in sequence (no “ABC”, “567”, etc.).
  • Use 14 or more characters.
  • Don’t write passwords down.
  • Consider using a secure password manager to help create and track passwords.
  • Change passwords every 120 days, or if there’s a security breach.
  • Don’t share, reuse, or repeat passwords.
BE WARY OF FREE WI-FI
  • Free Wi-Fi networks, such as the public Wi-Fi available at airports, hotels, or coffee shops pose security risks that may give criminals access to your personal information.
  • A better option is to use your cellphone or home network.
BEWARE OF PHISHING ATTACKS
  • Phishing attacks aim to trick you into sharing your passwords, account numbers, and sensitive information, and gain access to your accounts. A phishing message may look like it comes from a trusted organization, to lure you to click on a dangerous link or pass along confidential information.
  • Common warning signs of phishing attacks include:
    • A text message or email that you didn’t expect or that comes from a person or service you don’t know or use.
    • Spelling errors or poor grammar.
    • Shortened or odd links or addresses.
    • Strange or mismatched sender addresses.
    • Anything else that makes you feel uneasy.

Read here https://bit.ly/3jZrGpo for additional tips on keeping your account safe and secure.

Source: United States Department of Labor

Tools to help when you can't pay your bills

Are you looking to increase your financial knowledge and spending power? Check out the Your Money, Your Goals financial empowerment toolkit offered by the Consumer Financial Protection Bureau (CFPB).

Evaluate your finances and make decisions about your budget. Explore methods that can help you prioritize your bills, manage your spending, cut expenses, and monitor your credit.

For more information check out CFPB’s blog at: https://bit.ly/3pTCAy5.

Source: Consumer Financial Protection Bureau


Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.

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