TRF Employers: Employer Contribution Rate Increase
On Friday, April 26th, the INPRS Board of Trustees approved an employer contribution rate of 6.5% for the TRF Hybrid and TRF My Choice plans effective January 1, 2025 through December 31, 2025. This new rate will be applied to all payroll dates that occur after January 1, 2025. More information on the TRF Employer Contribution Rate for Hybrid and My Choice will be coming shortly.
PERF and 1977 Fund Employers: HEA 1104
House Enrolled Act (HEA) 1104 becomes effective 7/1/2024. Although this bill doesn't require any action as an employer, it does affect members' retirement fund options with INPRS.
HEA 1104 allows certain School Resource Officers to join the 1977 Police Officers’ and Firefighters’ Retirement Fund (1977 Fund). Click here to see if your officers are eligible to participate in the 1977 Fund.
For additional information regarding the 1977 Fund, visit the Indiana General Assembly’s website and go to chapter 8 of the Indiana Code for the 1977 Fund Police Officers’ and Firefighters’ Pension and Disability Fund located here.
1977 Fund and Conservation and Excise Fund (C&E Fund): DROP and COLA
DROP
The number of years members of the 1977 Police Officers’ and Firefighters’ Retirement Fund, and Excise, Gaming & Conservation Officers’ Fund may enroll in the DROP is increased from 36 months (3 years) to 60 months (5 years), if election to enter the DROP occurs after June 30, 2024.
- If a member entered the DROP prior to July 1, 2024, and has not exited the DROP, the member may elect to extend the DROP retirement date up to a total of 60 months after the entry date.
- Participants must notify their employer of the DROP election within 30 days.
Read more on DROP here.
HEA 1004 — 13th Checks, COLAs and SRAs (PERF, TRF ’96, and EG&C)
- INPRS will set a surcharge to actuarially fund 13th checks and 1% annual cost of living adjustments (COLAs) depending upon retirement date of the individuals.
- For qualifying PERF, TRF ’96, and EG&C plan members and beneficiaries retiring before July 1, 2025, INPRS will set the actuarial surcharge necessary to grant annual indexed 13th checks.
- For qualifying PERF, TRF ’96, and EG&C future retiree members retiring on or after July 1, 2025, INPRS will set the actuarial surcharge necessary to grant annual 1% COLAs.
- INPRS is not allowed to reduce surcharge rates from the prior year. The INPRS Board of Trustees may increase the surcharge to no more than 0.1% of payroll from the prior year.
- Section 5 of HEA 1004 will expire on December 31, 2029.
Read more on HEA 1004 here.
All Funds: Automated LDIP/LCD and Millie Morgan Notices
INPRS began sending automated LDIP/LCD requests and Millie Morgan Retirement reminders on April 28th. The automated notifications for LDIP/LCD information will be sent 7 days prior to the members INPRS retirement date and again 10 days after the INPRS retirement date if the LDIP/LCD has not been submitted in the ERM system. If the LDIP/LCD information is not in ERM 15 days after the INPRS retirement date, the Employer Advocate Team will send requests with case numbers. The automated notifications will be sent to contacts in ERM with the following User Roles:
- Payment Administrator
- Wage and Contributions Administrator
- Life Event Administrator
Note: The INPRS retirement date is the 1st of the month following the members LDIP.
Millie Morgan notifications will be sent via email once the application is submitted or 30 days prior to the retirement date, whichever occurs first. Unlike the LDIP and LCD requests, these notifications are not on a standard schedule. The Millie Morgan notices will indicate if the member has elected to continue member contributions or not. These notifications will also be automatically sent to the following User Roles:
- Payment Administrator
- Wage and Contributions Administrator
- Life Event Administrator
New User Role for Bank Account Information
INPRS continues to strengthen the security of your organization and your employees’ information managed by our department. Our latest security measure is a new role in ERM titled “Add and Maintain ACH”.
This new role adheres to updated NACHA regulations (National Automated Clearing House Association) that is required for the (rare) need to update organizational bank account details in ERM. This change represents industry-standard best practice separation of duties to limit access to data changes only to the staff and circumstances required.
This access was previously under the role of “Payment Administrator”.
Upcoming INPRS Closure Dates
Primary Election Day: Tuesday, May 7,2024
Memorial Day: Monday, May 27, 2024
Independence Day: Thursday, July 4, 2024
Looking Forward:
June 28: Pension Secretaries Conference in Plainfield (1977 Fund)
July: TRF Substitute and PERF Intermittent member verifications
October (date TBD): INPRS Employer Seminar in Indianapolis