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Retirees
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Our commitment to our members continues into retirement. As you enjoy your retirement, stay connected with IPERS.
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Benefit Payments
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IPERS distributes benefit payments on the last business day of each month. Most members elect to have their payment deposited directly into their checking or savings account.

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Tax Information
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Your IPERS retirement benefit is subject to all applicable state and federal taxes. We will withhold taxes from your retirement benefit, per your direction. Remember that no matter how much you withhold, you are responsible for any tax liability each year. We recommend that you consult with your tax advisor before completing the W-4P Withholding Form. 

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Returning to Work
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Returning to work after you retire may affect your IPERS benefits. IPERS members who retire and receive benefits before age 70 must have a bona fide retirement before they may return to work.

It’s a good idea to contact IPERS before you return to work. Our team can answer your questions and help you know the potential implications of reentering the workforce.

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Death Benefits and Beneficiaries
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We understand losing a loved one is hard. IPERS provides financial protection for eligible beneficiaries of members. Please notify IPERS as soon as possible after the death of an IPERS member. We’ll help you understand IPERS death benefits and eligibility requirements. 

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Dividends
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IPERS does not provide a cost-of-living adjustment to most retirees. Once you retire, your benefit amount is guaranteed for life but won't ever increase. IPERS isn’t intended to be your sole source of retirement income. We encourage our members to save for retirement.

Favorable Experience Dividend (FED)

This program expired in 2014. Funds are not currently available to provide additional FED payments or to substitute for the FED payments.

November Dividend

This dividend is only available to members who retired on or before June 30, 1990. Eligible members receive the payment once a year. It does not increase a retiree's monthly benefit amount. 

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Access My Account, your IPERS retirement toolkit.

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My Account provides important information about your IPERS membership.

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Frequently Asked Questions

Frequently Asked Questions

For members who are age 65 and over, there is no IPERS earning limit. For members under age 65, the earnings limit is $30,000 or the current Social Security limit, whichever is higher. A member’s IPERS benefit will be reduced by 50 cents for each dollar the member earns over the earnings limit for the remainder of the calendar year. The earnings limit is determined annually, using the calendar year. The limitation on earnings does not apply to members who are elected to public office. A member returning to work in an IPERS-covered job will again start contributing to IPERS and accrue service credits. However, the member cannot receive any additional benefits until the member again terminates employment and completes another bona fide retirement period.

To receive retirement benefits, IPERS members must terminate employment and complete a bona fide retirement period. A member’s right to draw an IPERS pension is not affected by how the member terminates employment.

Yes. Members do not begin to receive IPERS benefits automatically, even if the member meets all the qualifications to begin drawing his or her pension. A member must submit a completed application, and the member decides when to do this. However, IRS laws require if a member reaches age 72 and has terminated employment, the member must start receiving benefits.

If you exceed the federally established earnings limit, it will cause an overpayment which you will need to repay. You will receive the final overpayment amount from IPERS the following calendar year. At this time, you may choose to have your monthly IPERS benefit reduced until the overpayment is resolved or make other payment arrangements. You may also choose to have your IPERS benefit suspended if you are close to exceeding the earnings limit. However, you must contact IPERS before you exceed the limit.

If you quit working for all IPERS-covered employers, you can apply for a refund. However, you should consider your alternatives carefully, including leaving your money at IPERS or rolling over your account to another retirement plan. You can use the IPERS benefit estimator in My Account, or call IPERS to learn more about the benefits you’ve earned.

Your contributions and interest credited to your account are always yours. If you are a vested member, you will receive a portion of your employer’s accumulated contributions based on a formula:

  • Regular members: Divide your years of service by 30.
  • Sheriffs, deputy sheriffs or other protection occupations: Divide your years of service by 22.

Yes. If you later return to covered employment, you are enrolled in IPERS as a new member without credit for any service before the refund. It is possible to restore the previous time by purchasing service once you become a vested member and are ready to retire. However, buying back service can be expensive so it is important to consider that before deciding to take a refund.

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