Pre-Retirement Seminar
State Personnel offers a one-day workshop, conducted up to three times per year, designed to assist state employees with advance retirement planning.
A sound retirement requires careful planning involving numerous topics. The Pre-Retirement Seminar includes presentations and information on the following:
- Indiana Public Retirement System (INPRS)
- Social Security Administration benefits and processes
- Insurance, both life and health insurance
- Additional benefits obtainable through Social Security and Medicare
- Hoosier START, Indiana’s employer-sponsored Deferred Compensation and Matching Incentive Plan
- Indiana State Health Insurance Assistance Program (SHIP)
- Indiana Long-Term Care Insurance Program
State Personnel recommends all employees to register for Pre-Retirement Seminar if they are considering submitting their notice of retirement within the next year of their employment. The seminar is free of charge to attend, and employees may attend during their regularly scheduled work hours. Registration is required to attend as seating is limited. An employee’s spouse is also welcome to attend, but registration is not necessary if they are not a state employee. Employees are required to communicate their intent to attend the seminar with their direct supervisor for the purposes of ensuring appropriate time reporting and operational planning. For any questions about the seminar or to request more information, please contact SPDTraining@spd.in.gov.
Am I eligible for retirement?
The team at the Indiana Public Retirement System (INPRS) can help you plan for your retirement.
Retirement Options:
- Early Retirement: Age 50 to 59 with 15 years of service
- Finding your years of service: https://youtu.be/yiUlG-XZ7AE
- Disability Retirement: Requires 5 years of service and must be deemed eligible for Social Security disability
- Retirement while continuing to work: Age 65 with 20 years of service (Millie Morgan) | Age 55 with 20 years of service for elected officials
- Mille Morgan: https://youtu.be/0pVnqqnt5GQ
Application Submission Dates
Submit your retirement application no later than 90 days before your retirement date.
| Retirement Date | Submission Deadline |
|---|---|
| January 1 | October 1 |
| February 1 | November 1 |
| March 1 | December 1 |
| April 1 | January 1 |
| May 1 | February 1 |
| June 1 | March 1 |
| July 1 | April 1 |
| August 1 | May 1 |
| September 1 | June 1 |
| October 1 | July 1 |
| November 1 | August 1 |
| December 1 | September 1 |
Retirement Funds
Retirement funds are administered by the Indiana Public Retirement System (INPRS). Changes in your mailing address must be submitted separately to INPRS to ensure you continue to receive information and benefits promptly. Address changes must be submitted online through the INPRS secure Web site located at www.myinprsretirement.org or by calling the INRPS office.
General Information is available at www.in.gov/inprs.
INPRS Toll-free: 1-844-GO-INPRS
The Customer Service Center for accounts in both PERF and TRF is located at:
One North Capitol, Suite 001
Indianapolis, IN 46204
Hybrid Plan Overview
The PERF Hybrid Plan consists of two separate retirement accounts: a defined benefit (DB) account and a defined contribution (DC) account. Let's explore these.
Defined Benefit (DB)
- The DB or pension, is a guaranteed monthly benefit for vested, qualified retirees.
- 10 years of creditable or eligibility service, or a combination are required to become vested.
- Vested members may receive full pension benefits at:
- Age 65 with 10 years of service
- Age 60 with 15 years of service
- Age 55 with 30 years of service*
*"Rule of 85" Member must be at least 55 and age plus years of service total 85.
Defined Contribution (DC)
- Mandatory 3% of gross wages contributed by you, your employer, or both
- Available as lump sum, direct rollover to another account, systematic withdrawal, or a monthly annuity
- Available upon separation from employment
My Choice Plan Overview
The PERF My Choice Plan is a defined contribution (DC) only plan. Your balance consists of both employer share and member share contributions.
Members' share contributions are a fixed rate of 3% of gross salary and are 100% vested.
Employer Contribution: Normal cost employer share contribution rates range from 0-4.4% for participating employers. Available upon separation of employment and based on full years of participation:
- 1 year = 20% vested
- 2 years = 40% vested
- 3 years = 60% vested
- 4 years = 80% vested
- 5 year = 100% vested
Members are fully vested in the My Choice Plan with 5 years of service and are eligible for retirement at age 62
Helpful links:
- www.in.gov/inprs/retirement-education - Retirement and Investment Education
- Workshops and Counseling
- Online Calculators
- Educational Videos
- Investing 101
- Retirement Journey
- Retired Member Resources
Deferred Compensation
Hoosier START is the State of Indiana Public Employees’ Deferred Compensation Plan. It is a supplemental retirement savings plan designed to help eligible public employees complement their Indiana Public Retirement System (INPRS) pension. As the Plan Sponsor for Hoosier START, the State Comptroller partners with Nationwide as the third-party administrator providing account services to Plan participants.
Hoosier START offers both a 457(b) and a 401(a) Plan. The available plans include:
- 457(b) Traditional Deferred Compensation Plan — tax-deferred (pre-tax), available to eligible State of Indiana employees and employees of local units of government which have adopted the Plan.
- 457(b) Roth Deferred Compensation Plan — after-tax, available to all State of Indiana employees and employees of local units of government which have adopted the Plan.
- 401(a) Matching Plan — tax-deferred (pre-tax), and available to eligible State of Indiana employees. Some participating local units of government also offer an employer match. Please check with your employer.
Participant Information
You will need to contact Hoosier START at 1-855-277-4432 or log into your Hoosier START account, where you can learn how Hoosier START can best prepare you for retirement. Withdrawals within the plan guidelines may be made from your accounts for unforeseeable emergencies. Changes in your mailing address must be submitted separately to Hoosier START to ensure you continue to receive information and benefits promptly.
More details can be located at www.in.gov/comptroller/hoosierstart.
You can also update your beneficiary information, attend a webinar or make an appointment with a retirement specialist.
Helpful links: