Do you have a good understanding of who you can designate to receive your INPRS benefits in the event of your passing? It’s important to decide who your defined contribution (DC), or defined benefit (DB) beneficiary(s) or survivor beneficiary are and to keep your account updated so you can ensure that INPRS will distribute your account according to your wishes.
Depending on what INPRS plan you’re in, your beneficiary options may be different. Need a refresher on beneficiaries? Watch our video at bit.ly/inprsbene to get more details.
It’s important to know the difference between a beneficiary and a survivor.
A beneficiary is the person(s) or organization(s) who you have selected to receive the DC portion of your INPRS account, or possibly a defined amount or term of your pension benefit, after your passing. A survivor is an individual you have designated, at the time of retirement, to receive all or a portion of your DB or pension that you are actively receiving at the time of your death or what you would have received at retirement. The rules are different with each plan. Survivor pension calculation and eligibility will vary between retirement plans.
If your death occurs while you are still working or after you have separated from a PERF or TRF Hybrid covered position, and you have funds in your DC account and/or RSA, INPRS will disburse the funds based on the beneficiary information on file with INPRS. If no beneficiary is named, the funds go to your estate. Your spouse or dependent children may be entitled to your pension benefit if you die after June 30, 2018, and have at least 10 years of hybrid service.
PERF & TRF HYBRID, MY CHOICE AND TRFDC beneficiaries must be designated by the member and may include one or more people, certain kinds of trusts, estate, or other legal entity, such as a charity (any legal entity with a taxpayer identification number).
If you name more than one primary or contingent beneficiary, you must choose a percentage that each beneficiary will receive.
Need to update your beneficiary? Log on to www.myINPRSretirement.org and select “Personal Info” and within the dropdown menu, select “Beneficiary Information”, then “Add/Edit Beneficiary” to update your information. If you need a paper form, visit our website at in.gov/inprs and go to the forms section on the left side of the page and select your fund.
An Update on COLAs and 13th Checks
In 2024, INPRS will set a surcharge to either fund a 1% COLA or a 13th check, depending upon the individual’s retirement date for PERF, TRF, EG&C, and LE DB members.
For members retiring before July 1, 2025, INPRS will actuarially fund 13th checks for annual distribution. For members that retire on or after July 1, 2025, INPRS will actuarially fund 1% annual COLAs.
13th Check Payments
13th checks are paid to members, survivors, or beneficiaries of the following funds who retired on or before Dec. 1, 2023, and were entitled to a benefit on July 1, 2024. If multiple beneficiaries or survivors exist for a member, the 13th check will be allocated based on a pro-rata portion of the monthly benefit. 13th checks will be paid based on the service tiers below no later than 10/1/24.
PERF 13th Check Service Tiers
Member’s Years of Service | Payment Amount |
At least 5 but less than 10 years | $150 |
At least 10 but less than 20 years | $275 |
At least 20 but less than 30 years | $375 |
At least 30 years | $450 |
TRF 13th Check Service Tiers
Member’s Years of Service | Payment Amount |
At least 5 but less than 10 years | $150 |
At least 10 but less than 20 years | $275 |
At least 20 but less than 30 years | $375 |
At least 30 years | $450 |
EG & C Fund 13th Check Service Tiers
Member’s Years of Service | Payment Amount |
At least 5 but less than 10 years | $150 |
At least 10 but less than 20 years | $275 |
At least 20 but less than 30 years | $375 |
At least 30 years | $450 |
1977 Fund COLA
Effective July 1, 2024, retired 1977 Fund members will receive a 3% COLA. This includes all retired, disabled, and surviving beneficiaries of members of the fund for benefits that began on or before Dec. 31, 2023.
The COLA for the 1977 Fund is linked to the Consumer Price Index (CPI). The 1977 Fund COLA is mandated and governed by the Indiana Code.
Judges' System COLA
Effective July 1, 2024, JRS members will receive a 3% COLA.
The COLA benefit increase of 3% is based upon the state-mandated salary increase for actively employed judges and magistrates in positions covered by the JRS. The increase excludes survivor payees.
What are SRAs and COLAs?
A Supplemental Reserve Account (SRA) is a savings account that may take in contributions from the Hoosier Lottery, surcharges paid by employers, and amounts from other sources in order to fund the cost-of-living adjustments (COLAs) and 13th checks for PERF, TRF, the EG&C Fund, and LE DB Plan.
COLAs (cost of living adjustments) are yearly increases made to your monthly pension benefit payment to help if the cost of living is more than when you retired. The Indiana General Assembly with the INPRS Board of Trustees determines whether PERF, TRF, EG&C, and LE DB retirees receive a COLA in any given year. INPRS then administers the COLA based on their direction.
To read more on the history and distribution of SRAs and COLAs, read this Destination: Retirement article: bit.ly/UnderstandingSRAsandCOLAs.