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Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > Publications > Newsletters > 2014 Legislative Summary 2014 Legislative Summary

A number of INPRS-related legislative changes were approved by the 2014 Indiana General Assembly. Below is a brief summary of the legislation. You may e-mail inquiries to questions@inprs.in.gov or call PERF at (888) 526-1687 or TRF at (888) 286-3544 for more information.

HEA 1074

A TRF member will receive a 13th check by Oct. 1, 2014. The member must be retired or disabled on or before Dec. 1, 2013, and eligible for a monthly benefit on July 1, 2014. The amount of the check is determined by the member’s years of creditable service at retirement.

  • At least five years, but less than 10 years (disability): $150
  • At least 10 years, but less than 20 years:  $275
  • At least 20 years, but less than 30 years:  $375
  • At least 30 years: $450

A survivor or beneficiary of the member may be eligible for the check. The amount of the check will be distributed in equal shares if the member has two or more survivors or beneficiaries.

A PERF member will receive a 13th check by Oct. 1, 2014. The member must be retired or disabled on or before Dec. 1, 2013, and eligible for a monthly benefit on July 1, 2014. The amount of the check is determined by the member’s years of creditable service at retirement.

  • At least five years, but less than 10 years (disability): $150
  • At least 10 years, but less than 20 years: $275
  • At least 20 years, but less than 30 years: $375
  • At least 30 years: $450

A survivor or beneficiary of the member may be eligible for the check. The amount of the check will be distributed in equal shares if the member has two or more survivors or beneficiaries.

An Excise, Gaming and Conservation Plan member will receive a 13th check by Oct. 1, 2014. The member must be retired or disabled on or before Dec. 1, 2013, and eligible for a monthly benefit on July 1, 2014. A survivor or beneficiary of the member may be eligible for the check. The amount of the check is determined by the member’s years of creditable service at retirement.

  • At least five years, but less than 10 years (disability): $125
  • At least 10 years, but less than 20 years: $235
  • At least 20 years, but less than 30 years: $325
  • At least 30 years: $400

Effective July 1, 2014

HEA 1075

The internal annuity program of the Indiana Public Retirement System (INPRS) will remain until Jan. 1, 2017. INPRS will begin using a lower rate to provide annuities to PERF and TRF members in the future.

  • Oct. 1, 2014 to Sept. 30, 2015: 5.75 percent interest rate.
  • Oct. 1, 2015 to Dec. 31, 2016: market rate or 4.5 percent, whichever is greater.
  • After Dec. 31, 2016: If a third party provider is acquired, the interest rate will be market rate as recommended by the provider.

Effective upon passage

SEA 117

PERF and TRF members may have contributions posted to their Annuity Savings Accounts (ASAs) after their retirement benefit has been processed. The board may now pass rules to determine how a trailing contribution will be distributed to a member.

Effective July 1, 2014

SEA 209

ASA Only plan members can make voluntary contributions to their Annuity Savings Accounts (ASAs). The amount, which may not exceed 10 percent, is in addition to the required 3 percent contribution. Guidelines for making additional contributions are the same for ASA Only and PERF Hybrid plan members.

Effective July 1, 2014

SEA 225

State of Indiana employees are not required to convert their unused vacation time into a retirement medical benefits account.

Effective July 1, 2014

HEA 1321

Innovation network schools may be established. An agreement between Indianapolis Public Schools and school management teams is required. Employees of the innovation network schools may enroll in PERF and TRF.

Effective upon passage