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Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > My Fund > Teachers > Description of Benefits Description of Benefits

A member’s retirement benefit consists of two parts:

  1. A monthly pension from the Indiana State Teachers’ Retirement Fund (TRF) that is determined by salary history, years of service, age and the retirement option selected.
  2. An Annuity Savings Account (ASA) that is made up of contributions plus investment earnings and is figured on the value at the time of retirement, and the payment option selected.

Additionally, a member may create a Rollover Account by transferring funds from an individual retirement account (IRA) or Qualified Retirement Plan into TRF. For more information on Rollover Accounts, refer to the Member Handbook.

Benefit Accrual Date

The benefit accrual date is the date back to which a retiree will receive a retirement benefit payment. For most TRF retirees, it is the last day in the classroom. For those members who delay their retirement, it is their official retirement date.

Reemployment after Retirement

A member may reemploy after retirement. If a member returns to work in a TRF or Public Employees Retirement Fund (PERF) covered position, there must be a 30-day separation period from the benefit accrual date. For a member who delays retirement, the 30-day separation period begins when the retirement benefit begins. If a member returns to a TRF or PERF covered position prior to the 30-day separation period, the member is required to repay the retirement benefits. 
Effective July 1, 2007, members who reemploy in a TRF covered position do not have an earnings limitation or a supplemental retirement benefit. This means no contribution is made to TRF on the member’s behalf and no service credit is earned. Effective July 1, 2008, there is no earnings limitation if a member reemploys in a PERF covered position.