What does this mean?
- For those who expect to retire in 2017 and planned to annuitize those funds through INPRS, you have a decision to make:
- Those who plan to retire by Dec. 1, 2017, (who apply to INPRS by Nov. 30, 2017) will retire with INPRS as your annuity provider.
- Those who plan to retire Jan. 1, 2018, or later, (who apply to INPRS by Dec. 1, 2017 or later) will retire with Metlife as your annuity provider.
- You can also choose the outside provider election and roll over those funds to an annuity provider of your choice.
- For those who have retired, but at the time of retirement chose not to annuitize your ASA with INPRS, and have still not annuitized your ASA funds, the same decisions and timelines above apply to you, should you wish to annuitize your funds.
- For those who have already retired and annuitized, everything will continue to operate as it has already operated.
- For those not ready to retire, who are actively still employed in a PERF/TERF position, with the expectation of remaining an active employee into 2018, there is no action for you to take. Moving forward the options available to you upon retirement include annuitizing your ASA funds through the new Metlife options, or an annuity provider of your choice.
- Moving forward, ASAs will be called Defined Contribution (DC) accounts. For members of PERF/TRF who have the traditional hybrid retirement program (not the new DC-only plan), you still, of course, continue to have your pension component and accrue credit with Social Security.
- Beginning Jan. 1, 2018, upon retirement, you retain your right to take a lump sum cash disbursement from your DC assets, take your DC assets and roll them over to whatever qualifying company and fund you choose, or choose an annuity option through Metlife, or an annuity provider of your choice.
- For those of you with a decision to make, the INPRS current annuity rate is 3.9 percent (through Sept. 30, 2017). Rates are set quarterly; therefore, a new rate will be established Oct. 1, 2017.
- Visit Metlife to review the available offers. Through Metlife, you will still can purchase a lifetime income annuity with your INPRS DC funds, and, if applicable, rollover savings account (RSA) funds. You can choose to use a portion of those assets in this regard. Your retirement date is the first day of the month after your last day in pay. Your last day in pay status is usually the date most people think of as the last day they are paid to work, including any specific days you are paid while not at work, such as vacation time.
Month of Last Day in Pay