Ready To Retire

Select Your Best Retirement Date

• Make sure your retirement date fits your needs and allows you to maximize your benefits

• Employment anniversary date – would you qualify for additional benefits with your employer by working until your anniversary date? (ex. Additional leave time payout)

• Consider your years of service

  This is one of the important pieces of how your benefit is calculated. You can use our calculators to see how additional years of service would impact your benefit

• Final Average Salary Calculation

Hybrid Members Will Choose One Of The Following For Their Pension (DB Account)

• Five Year Certain and Life

  • Lifetime benefit paid to member
  • In the event the member dies before receiving first 5 years (first 60 months) of payments, the beneficiary receives the remainder of those 60 months’ guaranteed payments not yet received by member

• Straight Life

  • Life benefit is paid to member
  • No monthly payments made to anyone after the member dies

• Survivor – 100%, 66 2/3%, or 50%

  • Life benefit is paid to member
  • Upon member’s death, their designated survivor gets a monthly benefit for their lifetime. Either 100%, 66 2/3%, or 50%

• Social Security Integration

  • Add-on Option
  • Benefit actuarily increased during months prior to member’s age 62, then upon reaching again 62, pension benefit reduces for the remainder of the member’s lifetime.

View Options for defined contribution (DC) Account

• Annuity Purchase

  • Fixed lifetime monthly benefit. Must be retirement eligible to purchase

• Lump Sum Withdrawal

  • Mandatory 20% federal tax withholding on pre-tax portion, is required. State and country tax withholding option

• Rollover

  • Tax deferred option allows you to rollover to a qualified plan of your choice

• Defer

  • Leave money invested in DC account

• Systemic Withdrawal Plan (SWP)

  • Member designates distribution frequency and duration, white maintaining control of investment allocation

• Split the DC Balance

  • If more than one type of distribution is desired

Feel ready? Go to Retirement Application Center on Your Personal Account

You are encouraged to apply for retirement 60 days in advance of your retirement date to avoid any disruptions between your last paycheck and your first pension payment

• Self Service

  You can complete your application at www.myinprsretirement.org

• Call Center

  • A member advocate assists member in completing their application. You can go to 844-GO-INPRS (844-464-6777)

• 1:1 Session

  Book an appointment with one of our retirement services consultants to help with your application.