Your annual overview contains valuable information that can shape your financial outlook.

There’s a lot of competition for your attention but dedicating time each year to review your retirement account with INPRS can make a positive impact on your financial future.

At this point in your life, you’re likely to purchase your own birthday gifts. However, there’s one gift you can look forward to each year, your INPRS annual member statement (AMS).

After your birth month has come and gone, INPRS memorializes the last year of your defined contribution (DC) account contributions and performance, your service credit, your earnings and how they impact your potential defined benefit (DB), and personal details in the AMS. Let’s review some of the most important details on your statement:

• Contact Information: Check your address and email to ensure they are correct. If anything is incorrect or missing, you could miss important news from INPRS. Ensure that your personal email is listed on your account so we can stay in touch, no matter where you work.

• Potential Monthly Defined Benefit: For PERF Hybrid members, your estimated DB amount is based on your top 20 quarters of reported wages and total years of service credit up to your retirement date. For TRF Hybrid members, your estimated DB is based on your 5 highest yearly salaries. The estimated DB amount is unrelated and separate from your DC account.

• Net Present Value of Your Defined Benefit: The net present value of your DB is an estimate of how much your defined benefit alone is valued if you were to purchase an annuity equal to the estimated monthly DB on your statement. This number is based on assumptions such as the estimated lifetime monthly defined benefit you would receive at full retirement age, a constant interest rate based on current annuity prices, and mortality tables.

• Projected Earliest Full Retirement Date: The date shown on your AMS for your earliest full retirement date is based on your age, years of service credit, the statutes and rules for your plan, and the assumption you’ll continue working until this date.  Double-check to determine that your date of birth and total service credit are accurate. If that information is incorrect in our database, your earliest full retirement date could also be in error. Give us a call to start updating this critical information. For information about the requirements for retirement, review your plan’s Member Handbook .

• Investment Performance: Your annual rate of return is based on the performance of your DC account for the period listed on your statement. Review your investment performance and allocation relative to your goals. If you decide a change is needed log into your account to adjust your investments. Information about investing and investment fund fact sheets on the INPRS website can help you. See Investing 101.

• Final Average Earnings: The amount reflected on your AMS is based on wages reported by your employer. For PERF Hybrid plan members, the top 20 quarters of your reported wages are used to calculate your monthly pension benefit. For TRF Hybrid plan members, the five highest salaries reported by your employer are used to calculate your monthly pension benefit.

• Employment History: Your employer is responsible for reporting your dates of employment in your PERF or TRF Hybrid plan covered position. If you worked in a covered position with different employers, you should see the name of each employer. Does it seem like you’re missing service credit or a previous employer? Missing employment data could impact your service credit and vesting status, so give us a call to request a service credit review if you feel your service credit is incorrect.

• Service Credit: Creditable service is based on your employment in the covered position. The methodology for earning service credit differs based on what plan you’re in. PERF Hybrid plan service credit is earned monthly while TRF Hybrid plan service credit is earned in half-years. To learn more about how your service credit is earned and calculated, please visit your plan’s Member Handbook.

• Beneficiaries: A beneficiary refers to the person, institution, or trust designated by you to receive all or part of your DC account upon your death. The name(s) of the person(s), institution, or trust you have chosen should appear in the beneficiary section. If your beneficiary is missing or incorrect, your DC account could be paid to the wrong person or institution. You can update your beneficiary on your account by logging on to myINPRSretirement.org.

How to Make Updates or Request a Review

For you to receive the benefits you’ve earned through public service the data in your account must be accurate. If you’ve changed employers or had gaps in service, you may be missing service credit which can impact your benefit calculation, vesting status, or retirement eligibility. If your beneficiaries are out of date or missing, you risk your DC balance going to the wrong person.

Before you submit a retirement application, let INPRS know about any missing or incorrect information. Depending on the information in question, there are some things you can update on your own, while others require the assistance of INPRS staff to complete.

• Service credit: Call INPRS at 844-464-6777 to initiate a service credit review. INPRS staff will thoroughly research your service history and, if any missed service is found, it will be added to your record.
• Beneficiary designations: You can update this on your secure online account at any time. All you need is a person, trust, or organization's name and the whole percentage you'd like directed to them as a primary or contingent beneficiary.
• Contact information: Log on to your secure online account any time there's a change. You can also adjust your mail and email settings on your secure online account for INPRS to reach you with essential updates, such as when you've reached retirement eligibility.
• Investment selections: Remember, you're in the driver's seat when it comes to your defined contribution balance. You can change your entire balance's investment mix or how new contributions are invested; the choice is yours. Make updates as often as you’d like online. Review the investment options for a quick refresher.  If you need help, sign up for a webinar covering the investment options.

Do you have service in more than one plan through INPRS?

If you are a member of multiple defined benefit (DB) plans administered by INPRS, you should receive an AMS from each plan. It’s important to update your information within each fund. This extra review will help ensure your accounts are up to date.

Thinking of retiring in the next 24 months?

Register for a retirement workshop if you’re considering retiring within the next 24 months. INPRS can help you prepare your retirement application so you can
get your hard-earned benefits as soon as you’re eligible. If you’re ready to start planning now, check out the INPRS retirement readiness video series to help set the foundation for your retirement planning.

Have you moved on from your INPRS-covered position but are still working?

If you’re age and service-eligible, you can retire even if you’re still working somewhere else; You don’t have to be retired from all jobs to qualify. Register for a workshop today and get the ball rolling.

Celebrate everything you’ve accomplished over the past year and include a review of your INPRS account in your annual routine. Set aside time to review your mailed statement and discuss your retirement plan with anyone you share finances with. This practice can help improve your financial well-being and clarify your plans for your future retirement.

To get an extra copy of your statement or review prior statements, simply log into your secure online INPRS account. Once you’re logged in, choose the link for the fund you’re a member of on the left side of the page. Next, click the blue button in the upper right corner labeled “Go To Account.” You should be directed to your account with several options to choose from. To view your statements, select the link for “Statements and Documents.” From there, you can select which statement or document you want to review, save, or print.

The INPRS team is here to support you on your journey toward achieving your retirement dreams. Register for one of our webinars, read our digital magazine, watch educational videos, schedule an appointment with our Retirement Consultants, and reach out to our team if you need assistance. We are here to serve you.