Skip to main content
Language Translation
Governor Mike Braun
  Close Menu

Ready to Retire

Indiana Public Retirement System: Ready to Retire

Ready to Retire

Retirement can seem intimidating. There is a lot to understand and important decisions to be made. Align your retirement goals, plan out a retirement timeline, and see what to expect after you submit a retirement application using the resources below.

Get Ready To Retire

There are some things that you will need to make sure you have before you decide when to retire. Below, walk through the steps to make sure you are prepared when it is time to apply for retirement.

  1. 01
    Start
  2. 02
    Select
  3. 03
    Pension Options
  4. 04
    DC Options
  5. 05
    Apply

Step 1 of 5

What Do You Need to Apply?

To apply, gather the following items:

  • A personal email address

  • If you plan to select a retirement option with a survivor or beneficiary, you'll need their detailed information

    You'll need their SSN, DOB, Address, and Phone #

  • Bank account information

You will be asked for the following:

  • Your retirement date

  • Hybrid members will select a pension option (next slide)

  • You will select what to do with your defined contribution account

  • You'll be asked to make decisions about taxes

Step 2 of 5

Select Your Best Retirement Date

  • Make sure your retirement date fits your needs and allows you to maximize your benefits

  • Employment anniversary date – would you qualify for additional benefits with your employer by working until your anniversary date? (e.g., additional leave time payout)

  • Consider your years of service

    This is one of the important pieces of how your benefit is calculated. You can use our calculators to see how additional years of service would impact your benefit.

  • Final Average Salary Calculation

Step 3 of 5

Hybrid Members Will Choose One of the Following for Their Pension (DB Account)

  • Five Year Certain and Life

    • Lifetime benefit paid to member

    • In the event the member dies before receiving the first 5 years (60 months) of payments, the beneficiary receives the remainder of those guaranteed payments

  • Straight Life

    • Lifetime benefit paid to member

    • No monthly payments are made to anyone after the member dies

  • Survivor – 100%, 66 2/3%, or 50%

    • Lifetime benefit paid to member

    • Upon the member's death, their designated survivor receives a monthly benefit for their lifetime at either 100%, 66 2/3%, or 50%

  • Social Security Integration

    • Add-on option

    • Benefit is actuarially increased during months prior to the member reaching age 62. Upon reaching age 62, the pension benefit reduces for the remainder of the member's lifetime.

Step 4 of 5

View Options for Your Defined Contribution (DC) Account

  • Annuity Purchase

    • Fixed lifetime monthly benefit. You must be retirement eligible to purchase.

  • Lump Sum Withdrawal

    • Mandatory 20% federal tax withholding on the pre-tax portion is required. State and county tax withholding is optional.

  • Rollover

    • Tax-deferred option that allows you to roll over to a qualified plan of your choice

  • Defer

    • Leave money invested in your DC account

  • Systematic Withdrawal Plan (SWP)

    • You designate the distribution frequency and duration while maintaining control of your investment allocation

  • Split the DC Balance

    • Available if more than one type of distribution is desired

Step 5 of 5

Feel Ready? Go to the Retirement Application Center on Your Personal Account

You are encouraged to apply for retirement 60 days in advance of your retirement date to avoid any disruptions between your last paycheck and your first pension payment.

  • Self Service

  • Call Center

    • A member advocate can assist you in completing your application. Call 844-GO-INPRS (844-464-6777).

  • 1:1 Session

    • Book an appointment with one of our retirement services consultants to help with your application.

Application Timeline

There are several steps that INPRS will take after you submit your retirement application. Select the date when you will retire below and you will see an example timeline for what will happen after your application submission.

You can select any day you choose, but your retirement effective date will be the first date of the following month.

What to expect:

Retirement Process Estimator

Answer the questions below to get an estimate of timelines for the retirement process from submitting your application to receiving your first payment.

Are you submitting your application 60 days or more before your retirement date?