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Destination: Retirement - Winter 2023 (PERF TRF and LE DC)

Target Date Fund Update

As a part of the routine fund adjustment process, each of INPRS's Target Date Funds will be updated according to the Funds' objectives to align with each retirement year. For more details, please review the Target Date Fund fact sheet at

Contribution rates approved by INPRS Board

The INPRS Board of Trustees approved employer contribution rates for several of INPRS’s plans during Oct. 28, 2022, Board of Trustees meeting.

Contribution Rates Effective 7/1/2023 (Fiscal Year 2024 [FY24])
2023 (new)
PERF Defined Benefit (DB) State
TRF '96 Defined Benefit (DB)

Both rates are unchanged from the prior year. DB members receive a 3% Defined Contribution (DC) automatically.

Legislator's Defined Contribution (LE DC) (Calendar Year 2023)
2022 (new)

The LE DC contribution rate is the same as the PERF DB contribution rate, including its 3% DC component. That rate remains at 14.20% for 2023.

Contribution Rates Effective 1/1/2024 (Calendar Year 2023 [CY24])
2022 (new)
PERF DB Political Subdivisions

Rates remained the same from the prior year.

Appropriation Requests

These are the amounts that INPRS will request as part of the budgetary session that takes place in early 2023. The Indiana General Assembly will have the final word on how much is to be approved for each fund; these are the amounts to be requested.

 Current BienniumUpcoming Biennium (new)
 FY 2022FY 2023
FY 2024
FY 2023
TRF Pre-'96 DB975,000,0001,005,000,000

The TRF Pre-’96 DB appropriations above exclude any special contributions received in this or prior fiscal years or any that could be received in the coming fiscal years.

My Choice Funds

In addition, the INPRS Board approved the following rates for the My Choice funds:

PERF State
(FY 2024)
PERF Political Subdivisions
(CY 2024)
TRF '96
(FY 2024)
Member Contribution
Employer Contribution Credited to Member's Account
0.0% – 4.4%
Employer Contribution Credited to Unfunded Actuarial Accrued Liability

The employer contribution credited to the member’s account equals the total normal cost of the relevant defined benefit plan liabilities, rounded down to the nearest 0.1%. For this purpose, political subdivisions can contribute any amount up to the normal cost, including 0%. All of the employer contribution rates remained the same this year.

Supplemental Reserve Accounts

The INPRS Board approved the following surcharge rates for the supplemental reserve accounts, starting Jan. 1, 2023:

2023 (new)
PERF Defined Benefit State
TRF '96 Defined Benefit

While the PERF rate decreased slightly from the prior year, note that long-term demographic factors are expected to push all of the surcharge rates up over time.

The lottery revenue ($30,000,000 per year) is currently arriving in $2,500,000 portions per month and being allocated to the TRF Pre-’96 supplemental reserve account.

You've earned your vested status

What that means and where to go from here

You’ve probably heard the phrase “vested status” whispered around your department’s hallways, mentioned on your quarterly member statement, or discussed during an INPRS virtual workshop, but what exactly does it mean?

If you’re not quite sure what vesting is, how to get there, or why this could be a linchpin in your retirement strategy, don’t worry. INPRS will help you understand why vesting is essential in shaping your retirement plan and financial future.

[To put it simply, vesting is the minimum amount of time you must work in one or more covered positions to qualify for a benefit from a retirement fund.]

PERF and TRF Hybrid

Public service workers and educators enrolled in the PERF or TRF-Hybrid Fund, respectively, may be fully vested for a pension benefit after 10 years of service. Some elected officials may be fully vested after eight years of service. Once vested, you are entitled to benefits once you meet the age and service requirements for either early or regular retirement. You are entitled to full retirement benefits when you are:

  • Age 65 with 10 years of creditable and/or eligibility service.
  • Age 60 with 15 years of creditable and/or eligibility service.
  • At least age 55 and the sum of the member's age at retirement and their total years of creditable and eligibility service under PERF equal 85 or more (Rule of 85).

You do not have to work for the same employer, and the jobs do not have to be for 10 consecutive years to reach vested status. Members between ages 50–59½ with 15 years of service may be able to retire early, but for a reduced benefit amount. To see if you are eligible, review the “Early Retirement with a Reduced Retirement Benefit” section in your Fund’s handbook.

PERF and TRF My Choice

For members of the PERF or TRF My Choice plan, vesting in the value of variable rate contributions varies by length of participation. PERF My Choice and TRF My Choice members must be at least 62 years of age and have five years of creditable service.

Below is the vesting schedule for variable rate contributions:

  • 20% vested after one full year of participation,
  • 40% vested after two full years of participation,
  • 60% vested after three full years of participation,
  • 80% vested after four full years of participation, and
  • 100% vested after five full years of participation.

*Under the My Choice plan, you will not receive credit for partial years of service.

Active PERF-or-TRF My Choice plan members can access any of the funds they are 100% vested in once they leave service or meet SEA 10 guidelines for in-service distributions. Unvested employer contributions will remain in active members’ accounts.

If you are nearing retirement eligibility, are ready to retire, or want more information regarding your options and the retirement process, register for a one-on-one appointment or webinar at

Check your progress toward vesting on your Annual Member Statement, available on your secure online account at Learn to calculate your retirement benefit and date using INPRS's interactive benefit estimate calculators by visiting

View your member handbook available here to learn more about vesting for your specific plan. To check your earned years of service credit or verify your vested status, please contact our Member Advocate Team at (844) GO-INPRS or (844-464-6777) or email us at

Start the year off safe and secure

Register for an INPRS PIN, protect your INPRS account!

Sign up for INPRS online account access to view your fund status and manage your investments. When you sign up, 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.

If you don’t have a PIN, visit, 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 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 safeguards against unwarranted account access and defends your personal and financial data from identity thieves and fraudulent activity. If you still don’t have your PIN, don’t wait; sign up to receive your INPRS PIN today!

State Employees: Cover health-related costs in retirement with peace of mind

Did you know a health benefit exists for most state employees when they retire? Well, if you did, that’s awesome, but if you didn’t, we have some good news for you.

If you’re a full-time employee in one of the following positions, you’re eligible for the Retirement Medical Benefits Account (RMBA). If you work as a:

  • An employee of the executive, legislative, or judicial branch of state government;
  • A state-elected officer;
  • An appointed officer who is appointed to fill State elected office vacancies;
  • Certain police officers of the executive branch (eligible for medical benefits); or
  • A member of the Indiana General Assembly, you are eligible for the RMBA.

The RMBA is a health reimbursement program for medical, dental, vision, and long-term care insurance available to qualifying state employees who retire from their eligible position. Please note that if you choose to quit your job before you’re eligible to retire, you forfeit your eligibility in this program. Here’s what you need to know:

  • If you're a qualifying employee, understand the RMBA and how you can receive benefits upon retirement.
  • Understand that quitting your covered position will result in your forfeiture of membership in RMBA unless you are already age and service eligible for normal retirement when you quit. If you are close to retirement eligibility, consider if retiring from your covered position could be in your best interest.
  • Plan details and frequently asked questions are available here,

Take a moment to learn about the RMBA and your options when you have time. If you have questions, please contact INPRS at (844) GO-INPRS or (844-464-6777).

2022 INPRS Annual Report

INPRS’s most recent Annual Comprehensive Financial Report (ACFR) is now available. Stay up to date on INPRS’s financial performance, investment returns, fund information, and more for the fiscal year ending June 30, 2022.

View INPRS’s successes, investment holdings, and other exciting INPRS-related news by reading our latest 2022 INPRS Annual Report. Compare this and previous years’ data by viewing prior Annual Reports, available on our website under the 'Publications' tab.

Virtual retirement planning opportunities from INPRS

Take the guesswork out of planning and saving for retirement … the INPRS way!

Our Retirement and Financial Education team is here to help you with your ideal retirement. Start planning and saving today by attending one of our many workshops designed to help you on your journey to retirement.

INPRS offers educational webinars on Asset Allocation, Budgeting and Saving, Retirement Workshops, Understanding Your Plan for PERF and TRF members, and 1977 Fund Police and Fire. One-on-One Counseling appointments are available, also. By attending a webinar, you will learn the following:

  • How your retirement plan works;
  • Investments and asset allocation;
  • What features and benefits are available;
  • Budgeting and saving for multiple goals;
  • Important information to help you plan and save for retirement.

Workshops take place as frequently as weekly, so you’ll never miss out. To register, visit:

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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