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Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > My Fund > Teachers > Pension Benefit Options Pension Benefit Options

Members - Retirees

Pension Benefit Options

When members retire, they must select one of the six alternatives described below for the distribution of the pension portion of their retirement benefit. Members may also choose to select the "Social Security Integration" option with any of the six listed options.

A-1 (5-Year Certain & Life) This pension option provides a lifetime benefit to the member. In the event the member dies before receiving five years of payments, the beneficiary(ies) receives the remainder of the five years of guaranteed pension payments in a lump sum.
A-2 (Straight Life) This pension option provides a lifetime pension benefit to the member. Should you choose either the ASA 1 or ASA 7 option (see ASA section of this handbook), the A-2 comes with a minimum amount provision that insures the member or beneficiary(ies) will receive a benefit at least equal to the ASA balance at the time of retirement. For details about the minimum amount provision, see the Minimum Amount Provision paragraph at the end of this section.
A-3 (Modified Cash Refund Plus 5-year Certain & Life) This pension option provides a lifetime benefit to the member. In the event the member dies before receiving five years of payments, the beneficiary(ies) will receive the remainder of the five years of guaranteed pension payments. The Annuity Savings Account (ASA) is reduced with each monthly benefit paid; if the member dies before reducing this balance to $0.00, the beneficiary will receive a single payment of the amount remaining. This pension option is only available with the ASA 1 or ASA 7 and RSA 1 (see Rollover Savings Account section of this handbook), if applicable. This option also includes a monthly annuitization of the member’s ASA. See the ASA section of this handbook for details.
B-1 (100% Survivor Benefit) This pension option provides a lifetime benefit to the member. This option guarantees that, upon the death of the member, the qualified survivor will receive 100 percent of the member’s monthly benefit for the remainder of the survivor’s life.
B-2 (66 2/3% Survivor Benefit) This pension option provides a lifetime benefit to the member. This option guarantees that, upon the death of the member, the designated survivor receives 66 2/3 percent of the member’s monthly benefit for the remainder of the survivor’s life.
B-3 (50% Survivor Benefit) This pension option provides a lifetime benefit to the member. This option guarantees that, upon the death of the member, the designated survivor receives 50 percent of the member’s monthly benefit for the remainder of the survivor’s life.
Social Security Integration A member who retires between the ages of 50 and 62 may integrate the TRF monthly pension benefit with the member’s estimated Social Security benefits. TRF pays a larger monthly benefit payment to the member before age 62. However, benefit payments may be greatly reduced or terminated at age 62, depending on the member’s estimated monthly Social Security disbursement. This does not affect the amount of the benefit received from the Social Security Administration.
Minimum Amount Provision The minimum amount provision is relevant to certain options for distribution of the monthly pension benefit. The minimum amount provision is in place to guarantee that a member or that member’s beneficiary will receive benefit payments that total at least the balance of the member’s Annuity Savings Account (ASA) at the time retirement. If a member does not receive this minimum amount in combined annuity and pension payments during his or her lifetime, the member’s beneficiary can claim the remaining amount due. For example, if a member has $100,000 in her ASA at the time of retirement, this member’s total benefits received (combined annuity and pension payments) must equal $100,000 or the member’s beneficiary(ies) may claim the difference.