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The INPRS board of trustees has approved a new effective date for two changes that will influence the amount of future retirees' benefits. The approval came at a public meeting Friday, Sept. 13.
Effective October 1, 2014, retirement benefits will be calculated using updated actuarial factors. In addition, INPRS will begin using an outside provider for annuities offered at a market rate. The board had previously set the date for July 2014.
The board's decision to change how annuities are offered was based solely on the need to protect the financial health of the plan for current and future retirees. INPRS' actuaries estimate the system has taken on a potential $181 million loss for annuities already converted. They forecast an additional $343 million loss if there were no change.
If you have not done so already, you may wish to review information on this change, here.
If you have any questions, please contact the EPPA group at (888) 876-2707 or at firstname.lastname@example.org.
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