In 2024, INPRS will set a surcharge to either fund a 1% COLA or a 13th check, depending upon the individual’s retirement date for PERF, TRF, EG&C, and LE DB members.
For PERF, TRF, EG&C, and LE DB members retiring before July 1, 2025, INPRS will actuarially fund 13th checks for annual distribution. For members of those funds that retire on or after July 1, 2025, INPRS will actuarially fund 1% annual COLAs.
The 2024 COLAs for the '77 Fund and JRS are as follows:
'77 Fund
Effective July 1, 2024, retired '77 Fund members will receive a 3% COLA. This includes all retired, disabled, and surviving beneficiaries of members of the fund for benefits that began on or before Dec. 31, 2023.
The COLA for the '77 Fund is linked to the Consumer Price Index (CPI). The 1977 Fund COLA is mandated and governed by Indiana Code.
Judges’ Retirement System
Effective July 1, 2024, Judges’ system members will receive a 3% COLA.
The COLA benefit increase of 3% is based upon the state-mandated increase in salary for actively employed judges and magistrates in positions covered by the JRS. The increase excludes survivor payees.