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Indiana Public Retirement System

Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > Employers > Employer Communication > Employer Update: May 2014 Employer Update: May 2014

The importance of timely reporting

Reports and payments should be submitted via ERM the date you pay your employees.

The longer INPRS has to invest the employer contributions, the greater the opportunity to earn more interest. The result is less required contributions. Late submissions cost employers more money. Why? Because it lessens the time we have to invest and earn interest on those contributions.

When you report on time, members' money is deposited sooner into their Annuity Savings Accounts (ASAs). This allows them more time to invest, earn interest, and better prepare for retirement.

Employers failing to submit timely payments and/or contribution reports to INPRS will be subject to penalties and alternate collection methods as required under Indiana law.

Make sure you are aware of these policies and procedures

INPRS has established policies and procedures for employers who may become delinquent. They are as follows:

  • A $100 per day penalty will be assessed for all reports, records, or payments more than 30 days late. If the 30th day following the due date falls on a weekend or holiday, the penalty becomes due the next working day.
  • At 60 days, an employer account is deemed habitually late. The Auditor of the State of Indiana will be notified to withhold funds due to an employer for the unpaid amount due to INPRS. Funds recovered by the auditor’s office will be transferred to the INPRS fund.
  • If required payments remain outstanding, INPRS may seek legal action in court through the Office of the Attorney General.

Click here for more information.

Termination Life Events – when to use it

The Last Day in Pay (LDIP) and Last Check Date (LCD) are components of a termination life event. The LDIP is the last day an employee works in a covered or non-covered position. The employee/employer relationship ends on the LDIP and the employee has no legal or contractual right to return to his or her position. The LCD is the date of the last payroll on which the employee will be included once he or she has completely separated from employment.

If an employee who has been on a leave of absence (paid or unpaid) terminates employment, the date of the termination is his or her LDIP. This information should be entered in ERM immediately preceding the termination. The date of the employee’s last pay check, which may be prior to his or her termination date, should be entered as the LCD. Termination life events in ERM should be used when an employee:

  • Retires
  • Quits
  • Resigns
  • Is Terminated From Employment
  • Passes Away
  • Is Laid-off/Reduction in Force

Note: A retirement and/or ASA distribution cannot be processed until the employee has completely separated from employment and a Last Day in Pay has been reported.

Surveys gather member feedback

Throughout the year, INPRS conducts satisfaction surveys of active and retired members, those who have contacted our call center and recently retired members.

This feedback helps us improve our customer service to members and also our employers. We will share insights from the surveys with members and employers throughout the year.

The survey calls will come from Stone Research Services of the Farnsworth Group. Member participation is completely optional, but welcome and appreciated.

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.