Learn more about INPRS plan features that could help you and your family with caregiving costs.
Whether you're caring for children or parents – or you're part of the sandwich generation doing both – caregiving often requires two of your most valuable resources: time and money.
Quality of life can be negatively impacted if there isn’t enough time to manage responsibilities or funds to meet needs. Reviewing the plan features below could pay off and help you find a different way to balance your time and money.
Millie Morgan Retirement
If you’re in the PERF or TRF Hybrid plan, are 65 or older and have 20 or more years of service, you may be eligible for the Millie Morgan retirement option. This option allows qualified employees to continue working while collecting their monthly pension benefit payments. It can help working caregivers who need additional income or encounter unexpected financial circumstances.
To read more about our Millie Morgan retirement option, click here.
Early Retirement
When balancing time and money becomes too difficult, you may reach a point where you need to decide whether you can keep working. In the PERF or TRF Hybrid Plan, employees between the ages of 50 and 59 with 15 or more years of creditable service can retire early with a reduced monthly pension benefit payment. The table below illustrates how much of their pension benefit early retirees receive according to age.
Retirement Age | Percent of Pension Benefit |
59 | 89% |
58 | 84% |
57 | 79% |
56 | 74% |
55 | 69% |
54 | 64% |
53 | 59% |
52 | 54% |
51 | 49% |
50 | 44% |
Retirement Medical Benefits Account [For eligible state employees]
Medical bills and expenses can be overwhelming for patients and their loved ones, especially on a limited income. The Retirement Medical Benefits Account (RMBA) is an excellent option to help ease the stress of any medical financial burdens.
The RMBA is a health reimbursement account for medical, dental, vision and long-term care insurance premiums available to qualifying state employees who retire from their eligible positions. It can also be used for covered dependents such as the legal spouse or dependent child or children, even in the event of the participant’s death.
If you’re a full-time employee in one of the following positions, you’re eligible for the RMBA:
- An employee of the executive, legislative, or judicial branch of state government
- A state-elected officer
- An appointed officer who is appointed to fill State elected office vacancies
- Certain police officers of the executive branch (eligible for medical benefits)
- A member of the Indiana General Assembly
Additional RMBA information can be found here.