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INPRS says teacher pre‑1996 fund reaches 68% funded; commissioners warn markets and salary growth may change trajectory
Summary
Indiana Public Retirement System Director Steve Russo told the budget committee the state’s public defined‑benefit plans have improved, with aggregated funding up to 81% and the teacher pre‑1996 fund at about 68%, but he warned salary increases and market volatility could pressure employer contributions and local funding in coming years.
Steve Russo, executive director of the Indiana Public Retirement System (INPRS), briefed the State Budget Committee on the funding status of state and local public pension plans and potential risks the pension system faces going forward.
Key takeaways - Funding levels: Russo reported INPRS’s aggregate funding for all defined‑benefit plans rose to about 81% in the most recent reported period. The older teacher pre‑1996 plan — historically the largest unfunded liability — is funded at about 68%, up from much lower levels over the last decade. Russo said unfunded liabilities across the portfolio have fallen from roughly $11 billion to $4.3 billion. -…
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