State Of Indiana Retirement Benefits

You Don’t Have To Worry About Traffic

Our statistics show that Indiana falls as the 2nd best in the list of states that are safe for drivers. It has a low cost of ownership, manageable traffic, and is considered to be safe to drive in.

Of course, the traffic in the rural area is low, but even the great city of Indianapolis falls in the top 10 percent of cities that have the least amount of traffic congestion.

Since the roads are so smooth, all you need is a 23-minute commute time- well below the national average.

Cash And Investment Holdings

See also: Pension data, U.S. Census

Investments are a crucial part of the pension process. The goal is that, by investing pension contributions, the pensioner will receive more money when he or she retires than he or she and the employer were able to contribute. These investments are made in cash, short-term investments, securities like equities and bonds, or other assets. Cash investments are usually low-risk, short-term investments that have a lower rate of return than other types of investments. Other short-term investments are riskier than cash investments, but have the potential for greater returns. Securities can refer to stocks, bonds, or other types of financial certificates that hold some sort of financial value. As the values of these securities change, they can be traded to make a profit. While there are other applications of securities investments, this represents one of the most common practices.

As of the fiscal year 2020, Indiana’s state and local pension systems held $185.1 billion in total cash and investment holdings. The table below summarizes pension system cash and investment holdings for Indiana and surrounding states. The columns labeled “Total cash and short-term investments” and “Total other investments” are subsets of the grand total. All dollar amounts displayed should be multiplied by 1,000 .

Retirement Plan Eligibility And Contribution Rates For Employees Paid Biweekly

• Benefits-eligible clerical and service staff members and operations/technical positions hired before September 9, 2013 are covered by the Indiana Public Employees’ Retirement Fund . University-funded contributions begin immediately upon employment. Newly hired non-exempt police and firefighters participate in PERF and are not impacted by the September 2013 change for other non-exempt staff.

PERF Plan Description

The PERF Retirement Plan is made up of two parts:

• The Defined Benefit and

The state of Indiana determines annually the level of Purdue’s contribution required to fund the PERF pension. Of this percentage, three percent is allocated to the ASA and the remaining portion is directed to the PERF Defined Benefit fund.

The Defined Benefit portion of your PERF pension is funded by Purdue. Defined Benefit contributions go into Purdue’s employer account with PERF. If you leave PERF-covered service and do not become eligible to receive a retirement benefit, you cannot withdraw Defined Benefit funds.

The ASA supplements your Defined Benefit pension at retirement. State law requires that three percent of your gross wages be contributed to fund the ASA-Purdue funds this contribution for you. Staff who separate service from Purdue before becoming eligible to receive a retirement benefit may take a distribution of the ASA.

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State and local employees make up 13.8 percent of the US workforce. About 25 percent of public sector workers are covered by a public pension in lieu of Social Security, including nearly half of all teachers and over two-thirds of firefighters and public safety officers. Public employees live in every city and county in the nation more than 90 percent retire in the same jurisdiction where they worked. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.

Number of Actives per Annuitant, 2001-2021

Assets Participants And Benefits

State and local government pension benefits are paid from trust funds to which public employees and their employers contributed while they were working, not from general operating revenues. Trust fund assets are invested and grow over time. The combined value of defined benefit plan assets held by state and local governments as of Q2 2020 increased to $4.6 trillion, from $4.5 trillion as of Q2 2019 . PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.

Assets at Year-End, Indiana PERF, 2001-2021

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Giving Tuesday November 29 2022

What is Giving Tuesday?

Everyone! Giving Tuesday has been built by a broad coalition of partners, including individuals, families, nonprofits, schools, religious organizations, small businesses and corporations. There are people and organizations participating in Giving Tuesday in every country in the world.

Participating in Giving Tuesday is about joining a movement for generosity, and there are so many ways to do that. Whether you give your voice, goods, your time, or your money, being generous is a way to fight for the causes you care about and help people in need.

On Giving Tuesday, millions of people all around the world, use their power of radical generosity to change the world. They volunteer at homeless shelters, organize food drives, fill their community fridges, donate to mutual aid funds, spread messages of solidarity and hope.

What do you do on Giving Tuesday?

There are many ways you can participate on Giving Tuesday!

Here are some ideas you might consider:

We as an Association would like to encourage our members to give to our RIPEA Foundation!! We are a means of support for our RIPEA members who face unexpected financial hardships. The following is a list of resources for older adults and people with disabilities living on low and fixed incomes.

• General Assistance
• Prescription Assistance

If you would like to give to our RIPEA Foundation, please feel free to call our office at 789-0244 or 345-9214.

Why Become A Ripea Member

The benefits of membership in RIPEA also include a comprehensive and competitive insurance program offered at group rates, a quarterly newsletter, the RIPEA Annual Convention, chapter organizations, and the ability to talk to a live person about your membership benefits or any of RIPEAs activities on your behalf.

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Voluntary Retirement Savings Plans

All faculty and staff who receive a regular paycheck are eligible to contribute voluntarily to the Purdue University 403 Voluntary Retirement Savings plan and/or the Purdue University 457 Deferred Compensation plan. Contributions can be made to these plans by designating a percent of gross pay from 1 percent to 85 percent. Contributions to the plans can be started, increased or decreased at any time at www.netbenefits.com.

Indiana’s Rural Area Records A Low Crime Rate

According to our research, the statistics across the state show that Indiana has the lowest crime rate, with it ranking 22nd best in the country.

However, it must be kept in mind that approximately half of the crime in Indiana happens within the capital city of Indianapolis. This is why the city ranks as the 10th worst city in the United States when it comes to safety.

If you were to ignore the city of Indianapolis from the official statistics, you would find that the rural areas have close to no crime rates. This means that you should be okay as long as you live away from Indianapolis. After all, there are a number of safe towns in Indiana that you can choose from.

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Indiana Teaching Salaries And Benefits

Indiana has long been known for its dedication to education. Indianas constitution was the first constitution in the country to designate a public school system, solidifying its future commitment to teachers in the state.

As a teacher in Indiana, youll gain a host of employee perks, including retirement and health insurance benefits. The states comprehensive retirement planning services will ensure youre well-prepared for the future, while insurance benefits at the local level will keep you and your family cared for.

Learn more about becoming a teacher. Contact schools offering teacher education/certification programs in Indiana.

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Hamilton Country Is On The Top

A suburb on the northern side of Indianapolis, Hamilton County falls on the top 3 in the list of best countries to live in America.

Even though it is an expensive area of Indiana to retire in, the cost of housing is not as high. Moreover, residents can take advantage of a higher salary of what would be paid in other parts of Indiana.

The schooling system in Hamilton is also known to be top-tier, falling 12th in America. According to official statistics, crime rates are also below the national average. When it comes to buying a house, staying healthy, becoming a young professional, or raising a family, Hamilton ranks in the top 90 percent.

Current Financial Health Of The Indiana Retirement System

The Indiana Retirement System is booming, covering almost 475,000 members. According to its annual report, in 2017, it paid out approximately $2.5 billion in annual benefits and received $2.2 billion in contributions. Those are no small numbers even more, the portfolio held a total of $30.2 billion of assets under management as of June 2017.

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Retirement Taxes In Indiana

Federal

On a federal level, the money that you contribute to your pension plan does not get taxed, making it a tax-deferred account. On the other hand, youll pay taxes on any payments you take directly from your pension once you retire. Luckily, you will have the chance to decide whether youd rather have these funds withheld from each pension check, or make estimated tax payments.

You cant predict how much will be withheld from your income. Many moving parts may have an impact, but luckily, the government does those calculations for you. It will supply you with a refund at the end of the year.

Retirement plans, like many of Indianas, include a rollover, which goes from your pension plan to a tax-deferred retirement account. Finally, if you instead have a Roth IRA, youll have to pay your taxes upfront. But many of your distributions in retirement will be tax-free.State

As detailed in our thorough Indiana Retirement Tax Friendliness Guide, the state of Indiana is moderately tax-friendly toward its retirees. Indiana doesnt tax Social Security. But it does fully tax retirement account withdrawals. Wages are taxed at standard rates, and the marginal state tax rate is at 3.23%. Finally, public and private pension incomes are fully taxed.

Types Of Retirement Systems In Indiana

The Indiana Public Retirement System is among the largest pension funds in the country, providing several distinct pension funds for employees of the State of Indiana/ These funds are: the Indiana State Teachers Retirement Fund the Indiana Public Employees Retirement Fund the 1977 Police Officers and Firefighters Retirement Fund the Judges Retirement System the Excise, Gaming and Conservation Officers Retirement Fund the Prosecuting Attorneys Retirement Fund the Legislators Defined Benefit Fund and the Legislators Defined Contribution Fund.

The benefits and retirement requirements that accompany these plans depend on what the position entails. These funds all operate separately to bring benefits and security to their workers. But they are all overseen by the umbrella organization of the INPRS board of trustees.

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Indiana Public Retirement System

Indiana Public Retirement System is a U.S.-based pension fund responsible for the pension assets for public employees in the state of Indiana. INPRS is among the largest 100 pension funds in the United States, with $47.961 billion in actuarial accrued liabilities and $34.479 billion in actuarial assets as of June 30, 2021. The fund administers and manages several pension funds in the State of Indiana, the two largest of which are the Indiana State Teachers’ Retirement Fund and the Indiana Public Employees’ Retirement Fund. The others are the 1977 Police Officers’ and Firefighters’ Retirement Fund the Judges’ Retirement System the Excise, Gaming, and Conservation Officers’ Retirement Fund the Prosecuting Attorneys’ Retirement Fund the Legislators’ Defined Benefit Fund and the Legislators’ Defined Contribution Fund. Each of the current funds remains separate but all are administered by the nine-member board of trustees of INPRS.

INPRS also oversees three non-retirement funds: the Pension Relief Fund, the Public Safety Officers Special Death Benefit Fund, and the State Employees Death Benefit Fund.

Public Employees’ Retirement Fund Highlights

• PERF is a retirement plan established by the State of Indiana to provide retirement, disability, and survivor benefits for its participants.
• PERF is a defined benefit plan plan) with a defined contribution plan feature.
• PERF has two separate and distinct benefits, a pension benefit and an annuity savings account benefit. Both benefits are funded by Vincennes University.
• Pension benefits are subject to vesting terms and conditions.
• Annuity savings account benefits are immediately 100% vested.

Vincennes University provides full-time Support staff employees with a retirement benefit to supplement your retirement income. The Public Employees’ Retirement Fund of Indiana, known as PERF, is a retirement program for certain employees of the State of Indiana. It provides retirement, disability and survivor benefits to employees covered by the program.

EligibilityAll Full-Time, support staff employees are eligible for PERF membership. An eligible employee will begin participating upon his or her date of hire. Under the PERF program, if you attain 10 or more years of service, you will be entitled to benefits when you meet the age and service requirements for normal or early retirement.

EnrollmentVincennes University will complete a membership record with PERF. Eligible members will receive information from PERF with instructions to enter beneficiary information and investment choices for your ASA.

Receiving Your Benefits

Pension Benefit

Annuity Savings Account Benefit

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Very Few Parks And Forests

Indiana lost its forests a hundred years ago because its residents would overharvest to fulfill their need for wood. Today, the entire state only has 156,000 acres of forest. On the other hand, Arkansas has 19 million acres of trees, making it a greener state than Indiana.

According to the official laws, the government of Indiana ensures that there is a park every 60 miles. However, Oregon has a park within every one-half mile, making it healthier for residents. After all, some people enjoy being around greenery.

Because of this, Indiana falls in the 33rd position in the list for parks- only 0.81 percent of its land is used as a park. Alternatively, California has parks on 7.49 percent of resident land, making it ten times greener than Indiana.

Public Pensions In Indiana

Indiana public pensions are the state mechanism by which state and many local government employees in Indiana receive retirement benefits.

According to the United States Census Bureau, there were 257 public pension systems in Indiana as of 2020. Of these, 10 were state-level programs. As of fiscal year 2020, membership in Indiana’s various pension systems totaled 438,633. Of these, 219,027 were active members.

HIGHLIGHTS

See the sections below for specific information on pension systems in Indiana:

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Retiree Medical Benefits Account

For the Retiree Medical Benefits Account, you will need to contact the INPRS Member Service Center toll free at 464-6777 as this program is not administered by State Personnel. If you are eligible for the program, you will be automatically enrolled and receive further information once your application for INPRS Retirement has been processed. Contact INPRS Member Service Center for more details or log on to www.in.gov/inprs/my-fund/state-of-indiana-retirement-medical-benefits-account-plan.