Annuity Information

Annuity Rate

Current: 3.90% (through Sept. 30, 2017)

Rates are set quarterly and annuitizing your Annuity Savings Account (ASA) is optional. Attend one of our workshops to learn more.

Benefit estimate calculators with the current annuitization rate can be found here.

Annuity Provider Change

Beginning Jan. 1, 2018, INPRS will no longer be among your choices of annuity providers at retirement. However, we have partnered with MetLife to offer annuities at competitive rates. With the transition to MetLife not only will you still have the ability to purchase a lifetime income annuity with all your INPRS defined contribution (DC) and rollover savings account (RSA) assets, but also just a portion of those assets.

Who is impacted?

If your retirement date is Jan. 1, 2018 or later, INPRS will no longer be among your choices of annuity providers. Please visit the MetLife Retirement Income Center  to get an annuity estimate. If you are not eligible, not ready to retire or do not wish to annuitize your retirement funds, there’s nothing you need to do now.

Last Day in Pay*

Retirement Date

Application Received By

Annuity Provider

Nov. 30, 2017
or earlier

Dec. 1, 2017
or earlier

Nov. 30, 2017
or earlier

INPRS
 

Dec. 1, 2017
or later

Jan. 1, 2018
or later

Dec. 1, 2017
or later

MetLife

*Your retirement date is the first day of the month after your last day in pay. Your last day in pay status is usually the date most people think of as the last day they are paid to work, including any specific days you are paid while not at work, such as vacation time.

What is the difference between my “Last Day in Pay” and “Retirement Date?”

Your retirement date is the first day of the month after your last day in pay. Your last day in pay status is usually the date most people think of as the last day they are paid to work, including any specific days you are paid while not at work, such as vacation time.

Example: If your last day in pay status is in November, your retirement date will be Dec. 1.

Month of Last Day in Pay

Retirement Date

January

Feb. 1

February

March 1

March

April 1

April

May 1

May

June 1

June

July 1

July

Aug. 1

August

Sept. 1

September

Oct. 1

October

Nov. 1

November

Dec. 1

December

Jan. 1

FAQ Section

Click the links below to review our annuity information FAQs.

  1. How did this change come about?
  2. How is this change beneficial to INPRS' members and Hoosier taxpayers?
  3. What is an annuity?
  4. What is a DC account?
  5. Am I losing my ASA or DC account?
  6. Do I have to annuitize? What are my options?
  7. What will MetLife’s annuity offer?
  8. What can you tell me about MetLife?
  9. Is my MetLife annuity guaranteed?
  10. Why is there a difference between the monthly annuity payment offered through INPRS vs. that of MetLife?
  11. Does the MetLife quoted annuity amount include a commission?
  12. When will I begin to receive annuity payments with MetLife?  How long does it take to get payments started?
  13. Will the use of an outside annuity provider impact the pension benefits of current or future retirees?
  14. I’m retired and already annuitized my DC account. Am I impacted?
  15. I retired, but left money in my DC account. Can I annuitize with INPRS?
  16. Is there a minimum amount I can annuitize through MetLife?
  17. Are there minimum requirements I must meet to be eligible to annuitize through MetLife?
  18. Is there a maximum age at which I can annuitize through MetLife?
  19. How can I estimate a monthly annuity benefit?
  20. Is INPRS outsourcing management of DC accounts to MetLife?
  21. How is this change beneficial to INPRS?
  22. What fees are associated with annuitizing with MetLife?

More questions?

If you have questions, INPRS is here for you. If you’re ready to retire or wish to learn more about lifetime income, contact us at (888) 286-3544 or schedule a workshop or appointment with one of our retirement counselors. Please register for a workshop or appointment, here.