Updated 4/29/24: On Friday, April 26, 2024, the INPRS Board of Trustees voted to make the following employer rate changes effective January 1,  2025, as a result of the changes in  House Enrolled Act (HEA) 1004 from the  2024 Indiana General Assembly legislative session.

Supplemental Reserve Accounts

The INPRS Board of Trustees approved the following surcharge rates effective January 1, 2025.

HEA 1004 made several changes to the supplemental reserve accounts and surcharge rates.  It set new targets for the supplemental reserve account funding. HEA 1004 also removed the 1% cap on surcharge rates but instituted a limitation on how much they could increase (0.1% per year). As a result of these changes, all of the surcharge rates will increase 0.1%, and the INPRS Board made them all effective on January 1, 2025.

The INPRS Board of Trustees approved employer contribution rates for several of INPRS’s plans during the Oct. 27, 2023, Board of Trustees Meeting.

Total Contribution Rates Effective 1/1/2024 (Calendar Year 2024 [CY24])

The ’77 rate increased largely due to liability losses driven by faster-than-expected salary growth, demographic experience, and asset losses.  The EG&C rate decreased because the fund reached 95% funded, which according to the INPRS Funding Policy, allows the contribution rate to begin to decrease towards the Actuarially Determined Contribution.

Appropriation Requests

No appropriation requests were voted on at the board meetings because they were already set in the FY24 – FY25 budget passed by the General Assembly in early 2023. As a reminder, here are the amounts of those appropriations (from HEA 1001-2023).

JRS amount above includes an assumed $7,153,000 of court and docket fees. It may turn out to be a few dollars different when it really comes in, but it’s been fairly consistent year over year.

Supplemental Reserve Accounts

The INPRS Board approved the following surcharge rates for the supplemental reserve accounts starting Jan. 1, 2024.

There were no changes at this time.