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. THIS DOES NOT GUARANTEE FUTURE COLAS or 13th CHECKS.
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 checks, other than those to be distributed on or before October 1, 2024 as explained below, and COLAs for those members that retire on or after July 1, 2025 have not been granted by the General Assembly at this time and are not guaranteed. The General Assembly may or may not grant such benefits. INPRS is only permitted to grant 13th checks or COLAS as explicitly provided by the General Assembly and retirement fund law.
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.
Related FAQs
- What is a supplemental reserve account (SRA)?
- What is a COLA?
- What's the difference between a cost of living adjustment and a 13th check?
- How is a COLA or 13th check funded?
To read more on the history and distribution of SRAs and COLAs, read this Destination: Retirement article: Understanding SRAs and COLAs.
To view all the 2024 legislative changes approved by the Indiana General Assembly, visit our 2024 Legislative Summary.
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