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More than 6,000 members of the Indiana Public Retirement System have collectively left behind millions of dollars in benefits — but a new database aims to connect them to their cash.
It’s the centerpiece of INPRS’ “reclaim your retirement” campaign.
“The creation of this database was driven by our commitment to protecting the financial well-being of our members,” spokeswoman Carolina Rodríguez told the Capital Chronicle.
As of October, about 3,700 INPRS members were eligible to request their earned retirement benefits, with median monthly payments ranging from $545.50 to $783.50. They may also have defined contribution accounts waiting, with balances averaging $14,451 to $33,342, according to INPRS.
Nearly 2,400 other retirees, survivors, and beneficiaries had funds issued to them but the money went unused, according to a news release.
“We have identified that many individuals have earned retirement benefits but were unaware they had funds available or had lost contact due to changes in address, employment, or personal circumstances,” Rodríguez said. “In some situations, benefit checks were delivered as intended but never deposited into the recipient’s account.”
The information is hosted securely in a database outside of INPRS member accounts. Visitors must enter a first name, last name, and date of birth.
“Everyone is invited” to search the database, the news release says. “… for themselves, friends, family members, former colleagues, and the like for a match. When a search for someone other than yourself is successful, let that person know right away.”
If there is a match in the database, instructions will pop up for what to do next. If there’s not a match, INPRS’ website offers, “you may still have a retirement benefit with us but you’re just not on our list for this initiative.”
Hoosiers can call the agency at 844-464-6777, 8 a.m.-8 p.m., and should be ready to authenticate their identities.
INPRS manages about $50 billion in assets on behalf of more than 540,000 current and former public employees.
The Indiana Capital Chronicle is an independent, nonprofit news organization that covers state government, policy and elections.
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