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Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > My Fund > Public Employees > PERF ASA Only Plan Member Handbook: After Retirement PERF ASA Only Plan Member Handbook: After Retirement

Tax Forms and Withholding

Each year, INPRS mails 1099-R forms to all benefit recipients by Jan. 31. The 1099-R form, which is much like a W2 form, lists the total amount of benefits received during the year. It also shows the taxable and non-taxable amounts. INPRS can also withhold Indiana and Federal taxes. County taxes may be withheld if you withhold state taxes. If you did not complete tax withholding forms at the time of your retirement, you may do so at any time.

INPRS can withhold federal tax based upon your marital status and the number of exemptions claimed. Please note: you must enter a withholding election (married with three exemptions, single, etc.) before electing an additional flat, whole dollar amount. You may go online to download the forms, call, or write to request them.

Direct Deposit

Direct deposit is the preferred method to distribute monthly benefit payments. Your money cannot be late, lost, or stolen. If you change banks, contact INPRS for instructions. You may also start again at a new bank by completing a direct deposit form.

If you change account numbers with the same bank, or if you change banks, contact INPRS. Do NOT close your old account until you know funds are being deposited into your new account. It may take up to 60 days for the change to take effect.

Death of a Member

Upon your death, INPRS must be notified so payments can be made to the appropriate beneficiary or survivor. INPRS needs a copy of the death certificate, including name, Social Security number and date of death. The family may keep the check received in the month of death, but must return any subsequent payments to INPRS. This is applicable only if a monthly annuity is being received.

A copy of the death certificate should be mailed or faxed to INPRS. Beneficiary or survivor should include name, relationship to the deceased and a telephone number, as we may need to contact him or her for further information.

Surviving Beneficiary

Once INPRS has verified date of death, the surviving beneficiary will be notified of any necessary action that may be needed on his or her part in order to start receiving a benefit. For this reason it is very important that you keep INPRS informed of your beneficiary’s current address.

Declining or Passing Through a Benefit

Indiana law allows a beneficiary to decline a bequest if he or she feels it is in his or her best interest to do so. The law also determines how the bequest will be handled if the beneficiary declines it. For more specific information on your situation, please contact INPRS directly.

Changing Your Beneficiary after Retirement

Once you have named a beneficiary or beneficiaries on your Retirement Application and processing is completed, you can change that designation only in limited circumstances.

Members may change their beneficiary or form of benefit after retirement due to divorce unless it is prohibited in the divorce decree or property settlement agreement. This event has been added to the limited number of circumstances under which a beneficiary may be changed after retirement.

Working after Retirement

After you retire, you are entitled to go back to work and continue receiving ASA Only benefits. An ASA Only member’s application for retirement benefits is void if the member has an agreement, formal or informal, prior to his or her retirement, with a covered employer to become re-employed in a covered position. Your effective retirement date is the first day of the month for which you were paid retirement benefits. There is no earnings limitation for members who choose to return to work in an ASA Only covered position after retirement.

Members who have retired from another Indiana public pension fund (such as the 1977 Police Officers’ and Firefighters’ Pension & Disability Fund) must also meet this 30-day separation from service requirement before taking an ASA Only covered position with the same employer.

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