INPRS State Retirement Benefits
Your State Retirement Benefits
As a benefit-eligible BCSC employee, you are eligible for state employee retirement benefits. There are two parts to your INPRS retirement: a "defined benefit" and a "defined contribution".
The "defined benefit" refers to a pension. You can calculate your annual pension on the INPRS website or use this simple formula: average of highest 5 years pay x 0.011 x years of service. BCSC contributes the following amounts (as of 2021) to INPRS to fund your pension benefit:
Support staff: 11.2%
Teachers and Administrators: 5.5%
The "defined contribution" is similar to your 403b/401a. The funds are in an account assigned to you, you can invest those funds using the INPRS website, and you have options for what you want to so with those funds upon retirement. The defined contribution minimum is 3% of your salary. BCSC pays that 3% for teachers and adminsitrators. The employee pays the 3% for support staff.
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