A plan designed for you
A defined benefit plan, your IPERS benefits are guaranteed for life, meaning once you retire, you will receive the same monthly benefit for the remainder of your life. This should not be confused with a defined contribution plan, such as a 401(k), 457 or 403(b) plan. Benefits from these plans may fluctuate, based on the amount of money invested and the performance of the stock market.
How IPERS works
Both you and your employer contribute to IPERS. Your contributions are pooled and invested to pay for future benefits. At retirement, your benefit is calculated based on your age at retirement, average salary and years of service. The longer you work in public service, the larger your benefit.
How your retirement benefit is calculated
IPERS calculates your retirement benefit using a formula that includes your age, years of service and your highest average salary.
- Your Average Salary x Multiplier - Reduction (if any)
- Your Average Salary is the average of a select number of your highest yearsβ salaries.
- Your multiplier increases each year you work in covered employment. Purchasing IPERS service also increases your multiplier.
- Reductions may be applied to your benefit if you choose to retire before you are eligible for normal retirement.
My Account, your IPERS retirement toolkit
Whether you're new to public employment, or if you're a retiree, My Account gives you access to your individual retirement benefits information.
- Assign or change your beneficiary.
- View a history of all your contributions to IPERS.
- View a printable copy of your Annual Benefits Statement.
- Schedule an appointment with an IPERS retirement counselor.
- Enter various scenarios to generate a real-time benefit payment, service purchase or refund estimate.
- Update your contact information.