Make a date this Valentine’s Day to learn more about your retirement plan and how it will benefit your future.

Many famous couples have existed throughout history whose love has echoed throughout the ages. The most memorable of courtships sets the standard and defines what many consider to be “relationship goals.”

However, there is one dreamy pair whose long-lasting relationship continues to experience the happiest of unions, the relationship between vesting and retirement. It may sound silly to some, but for Team INPRS, vesting and retirement are the epitome of Cupid’s arrow hitting its target, the definition of a true power couple.

In addition to being financial and retirement educators, we are pretty good matchmakers. We aim to hook members up with their eligible plans by inviting them to learn more about service credit, how to check it, and how long they have until earning their vested status. Your commitment to public service or education might lead to a benefit you’ll cherish for a lifetime.

PERF and TRF Hybrid

Vesting is the minimum amount of time you must work in one or more covered positions to qualify for a benefit from a retirement fund. Public service workers and educators enrolled in the PERF or TRF-Hybrid Fund, respectively, may be fully vested for a pension benefit after 10 years of service. Some elected officials may be fully vested after eight years of service. Once vested, you are entitled to benefits once you meet the age and service requirements for early or regular retirement. You are entitled to full retirement benefits when you are:

• Age 65 with 10 years of creditable and/or eligibility service.
• Age 60 with 15 years of creditable and/or eligibility service.
• At least age 55 and the sum of the member's age at retirement and their total years of creditable and eligibility service under PERF equal 85 or more (Rule of 85).

You do not have to work for the same employer, and the jobs do not have to be for 10 consecutive years to reach vested status. Members between ages 50–59½ with 15 years of service may be able to retire early but for a reduced benefit amount. Review the “Early Retirement with a Reduced Retirement Benefit” section in your Fund’s handbook to see if you are eligible.

PERF and TRF My Choice

Members of the PERF-or-TRF My Choice: Retirement Savings Plan are vested in their defined contributions (employee share) upon hire. The member must meet vesting requirements for the variable rate contributions (employer share).

Below is the vesting schedule for variable rate contributions:

• 20% vested after one full year of participation,
• 40% vested after two full years of participation,
• 60% vested after three full years of participation,
• 80% vested after four full years of participation, and
• 100% vested after five full years of participation.

Active PERF-or-TRF My Choice plan members can access any funds they are 100% vested in once they leave service or are at least 62 with five years of participation for in-service distributions.

*Under the My Choice plan, you will not receive participation credit for partial years of service.

Knowing that you have a pension benefit and/or fund contributions awaiting you in retirement can help you cover many expenses. That is why it is essential to understand how they partner to provide you with a happily ever after retirement.

Check your progress toward vesting in your pension benefit on your Annual Member Statement (AMS), available on your secure online account at www.myINPRSretirement.org. Using INPRS's interactive benefit estimate calculators, calculate your retirement benefit and date by visiting www.myINPRSretirement.org/calculators.

Members in the PERF and TRF My Choice Plans can view their progress toward vesting in the employer contributions on their quarterly statements.

View your member handbook at bit.ly/MyINPRSFund to learn more about vesting for your specific plan. To check your earned years of service credit or verify your vested status, please get in touch with our Member Advocate Team at (844) GO-INPRS or (844-464-6777) or email us at questions@inprs.in.gov.

If you still have questions, register to attend a webinar, workshop, or one-on-one meeting with a Retirement Services Consultant at bookwithinprs.timetap.com.