Avoiding investment fraud
Each year, Americans lose an estimated $40 billion to investment fraud
How do you know if an investment opportunity and the person offering it are legitimate? It can be difficult to spot con artists since they don’t always look like the stereotypical image. Often, they are well-dressed, well-spoken and work hard to gain your trust. They know if they look like a fraudster, you probably won’t invest your money with them.
A familiar face
Unfortunately, they might even be someone you know. It’s becoming increasingly common for fraudsters to defraud people within their own community. Affinity fraud occurs when someone you know and trust takes advantage of you, not a stranger. These unlikely fraudsters could be a neighbor, friend, someone you know through church or even a family member. Avoid investing with someone solely because they have a good reputation, or you think you can trust them. Always take time to fully research the opportunity and make sure it’s legitimate.
Online risk
You should also use caution when investing over the Internet. It’s easy to have a false sense of security online, but the Internet remains largely unregulated and completely anonymous. Anyone can create a website and appear to be a qualified professional. Take the same precautions as you would with other investment opportunities and try to meet in person if possible. Most importantly, never give out your personal information online unless you are sure the company and/or individual is legitimate.
More on how to avoid scams and warning signs you should know is available from Indiana MoneyWise, at https://www.in.gov/sos/indianamoneywise/4829.htm.
2020 INPRS Annual Report
The most recent Comprehensive Annual Financial Report (Annual Report) is now available. Inside you will see INPRS’s most up-to-date membership data, investment returns, and more.
View the Annual Report and other INPRS related resources by visiting www.in.gov/inprs.
Employers help fund your future
Did you know your employer contributes substantially toward your retirement?
Each plan in INPRS has a contribution rate set annually to make sure you will have the retirement you earned when your time comes to step away.
This contribution rate is a percent of your pay. As you can see in the table below, your employer makes a significant effort to fund your retirement.
Contribution rates are calculated separately for each fund in the system. These rates take into consideration the plan's financial status and the demographic makeup of its members.
| Plan | Rate |
|---|---|
1977 Police Officers' and Firefighters' Retirement Fund ('77 Fund) | 17.50% |
Excise, Gaming and Conservation Officers' Retirement Fund (EG&C) | 20.75% |
Judges' Retirement System (JRS) | * |
Legislators' Defined Contribution Fund (LE DC) | 14.20% |
Prosecuting Attorneys' Retirement Fund (PARF) | ** |
*The Board of Trustees requested $17,563,885 for Fiscal Year (FY) 2022 and $18,046,892 for FY 2023 for appropriation to the JRS from the Indiana General Assembly during the 2021 legislative session.
**For PARF appropriations, the Board of Trustees requested $4,044,194 for FY 2022 and $4,155,409 for FY 2023 from the Indiana General Assembly during the 2021 legislative session.
Need details on how your retirement plan works? Complete handbooks for each are available at www.inprs.in.gov.
How to prioritize and save for multiple goals
Are you paying down student loans but want to save for a down payment on a house? Do you want to take a vacation next winter but know you need to build your emergency fund?
It is rare to not need to save for multiple goals at once. And, assuming you are not sitting on a winning Powerball ticket, it is also rare to have enough money to cover everything you might want. Prioritizing where you put your savings is one of the most important financial planning decisions you can make, and there are several potential pitfalls.
To read more, check out this article from our recordkeeping partners, Voya Financial: https://blog.voya.com/financial-decisions/setting-goals-help-you-save-your-best-life
Virtual retirement planning opportunities from INPRS
If you think planning for and saving for retirement are confusing, you are not alone.
No matter your age or goal, INPRS’s Retirement and Financial Education team is here to help you plan for your ideal retirement. Start your plan today by attending one of our workshops. INPRS offers educational webinars on Asset Allocation, Budgeting and Saving, Retirement Workshops, Understanding Your Plan, and 1977 Fund Police and Fire. One-on-One Counseling appointments are available, also. From our webinars, you will learn:
- How your retirement plan works;
- What features and benefits are available;
- Important information to help you plan and save for retirement.
To register, visit https://bookwithinprs.timetap.com/.
Safeguard your INPRS account and transactions, register for an INPRS PIN!
To sign up for INPRS online account access, you will be asked to prove your identity by providing personal information and a Personal Identification Number (PIN) that was provided to you in the security mailer you received from INPRS. Members started receiving their INPRS PIN with the launch of INPRS’s new partnership with Voya Financial and our new website in 2018.
If you don’t have a PIN, visit www.myINPRSretirement.org, click ‘Register Now’ and follow the links to request one. If you have forgotten your PIN, but have previously registered your account, you may request a new a new PIN to be delivered to the mobile number, email or U.S. mail address on file by clicking the ‘Request new PIN’ on the ‘Register Now’ page, or by calling (844) GO-INPRS or (844-464-6777).
Creating your INPRS PIN helps safeguard against unwarranted account access and protects against fraudulent activity. Sign up to receive your INPRS PIN today!
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.