2023 legislative updates
Senate Enrolled Act 185 (SEA 185) – 1977 Police Officers’ and Firefighters’ Fund Membership
The definition of "salary of a first-class patrolman or first-class firefighter" has changed to the highest non-promoted salary of a patrolman or firefighter, plus all longevity increases if provided for:
- Service of not more than 20 years, or
- Service of more than 20 but not more than 25 years in collective bargaining situations.
The maximum entry age for both police officers and firefighters is now 39 years old. The previous max entry age for firefighters was age 36.
Airport Authorities established under IC 8-22-3 may now participate in the '77 Fund.
House Enrolled Act 1055 (HEA 1055) – Conservancy District Marshals and Deputy Marshals
- If an entity is eligible to participate in the '77 Fund under IC 36-8-8-18, prior service as a full-time and fully-paid Conservancy District Marshal and Deputy Conservancy District Marshal may be purchased under the provisions of IC 36-8-8-18 and IC 36-8-8-18-1.
- This amendment is only for the purpose of prior service and not membership in the '77 Fund.
View the latest legislative changes impacting INPRS members at bit.ly/2023legislativesummary.
AMS's coming this fall, access online
Members of the PARF, ’77 Fund, Judges, and EG&C plans will soon be receiving their annual member statements (AMS's) by mail and on their secure online accounts. These statements display account and service data from July 1, 2022, to June 30, 2023.
After you receive your annual statement, review your personal data to make sure the information we have is up to date. Pay special attention to:
- Contact information
- Latest salary data
- Listed beneficiaries
- Total years of service
If the information we have is incorrect or outdated on your statement, you can log in to your secure online account to make updates to contact and demographic information; beneficiary information must be updated by submitting a form (links below). If unable to make corrections or unsure how, contact our Member Advocate Team at (844) GO-INPRS or (844-464-6777) or email us at questions@inprs.in.gov.
Members of the 1977 Police Officers and Firefighters’ Fund can designate a beneficiary by filling out a Beneficiary Designation form. Members of the Prosecuting Attorneys’ Retirement Fund (PARF), Excise, Gaming and Conservation Plan (EG&C), and Judges’ Retirement System (JRS) can name or update a beneficiary by completing the Application for Change of Beneficiary – Active Member form.
Waiting to make changes to your account information when the retirement application is submitted can result in a delay in the review process.
INPRS is here to help you understand your plan
INPRS offers workshops designed to provide you with a better understanding of your plan to prepare you for a successful retirement.
Our Retirement and Financial Education Team is ready to help you on your path to financial well-being. Register for an educational webinar on Asset Allocation, Budgeting and Saving, Retirement Workshops, Understanding Your Plan for PERF and TRF members, and 1977 Fund Police and Fire.
If nearing or planning your retirement, schedule a one-on-one counseling session. Attending an INPRS workshop is a great way to check in with your mid-year goals to make sure you’re ready to finish the year on top!
Book a one-on-one counseling session and you’ll:
- Review your account information;
- Learn more about your retirement benefits;
- Get direct assistance to help plan and save for retirement.
Attend a workshop focused on important topics:
- How your retirement plan works;
- Investments and asset allocation basics;
- What plan features and benefits are available;
- Budgeting and saving for present and future expenses.
Workshops take place weekly, making it easy for you to schedule a time that is convenient for you. To register, visit bookwithinprs.timetap.com.
Financial wellness planning tips
Tips to consider to help you secure a healthier financial future
Many consider financial freedom a cornerstone to enjoying a good life. No matter your household income, personal debt, or day-to-day expenses, the bottom line is most Americans in general need help with their finances regardless of individual challenges. The key to improvement is to have a plan and pay yourself first to save more while finding a way to reduce debt.
How? Our recordkeeping partner, Voya, has a list of the top things you can start with to become financially well.
- Plan for the life you want and set goals.
- Protect your earnings.
- Focus on your spending and saving.
- Build an emergency savings.
- Save for retirement.
- Get out of debt.
- Protect your family and future.
- Save for other goals.
If you want to know more about how these helpful tips can help you balance the freedom of living for today, saving for tomorrow, while living within your means along the way, read this full guide, and others at Voya’s Financial Wellness library.
Source: Voya Financial
Protecting consumers' right to challenge discrimination
The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions.
Under the law, consumers targeted by race, religion, age, or any other prohibited basis with predatory lending products or practices also have the right to challenge that discrimination by bringing a lawsuit. Yet lenders engaged in discriminatory acts or practices sometimes unfairly try to make consumers sign away that right. Fortunately, many courts have rejected attempts to make people sign away crucial legal rights. Congress’s strong commitment to prohibiting discrimination in the credit markets would be undermined if courts did not allow consumers to challenge harmful and predatory conduct.
If you believe you or someone you know has been affected by discrimination when applying for or modifying your mortgage loan, you can submit a complaint with the CFPB.
Read more on how the CFPB is protecting consumers from unfair and discriminatory practices at bit.ly/ProtectingConsumersRights.
Source: Consumer Financial Protection Bureau