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.