Add all of the ingredients to the inner pot of a 6 or 8 qt Instant Pot or electric pressure cooker.
Put on the lid of the Instant Pot and set the valve to “Sealing”.
Select “Manual” and cook on high pressure for 60 minutes. The pot will take anywhere from 10-20 minutes to reach pressure.
Once the instant pot has completed it’s cooking, it will beep and switch to “warm”.
Let your pot do a 10 minute natural pressure release, then switch the valve to “venting” and vent the steam from your Instant Pot.
Once the pin has dropped, carefully remove the lid of your Instant Pot.
Turn your instant pot off and let the beans cool for 10-20 minutes.
Drain the beans in a colander set over a bowl to catch the liquid. Add the beans back into your Instant Pot or into a large mixing bowl. Add about 1 cup of reserved liquid and use an immersion blender to puree the beans. Add additional reserved liquid while blending to achieve the desired texture. Note that hot refried beans will appear more “liquidy” than when completely cool. So if you like a thick refried bean texture, you may want to go for a runnier consistency while the beans are still hot.
Serve the beans as desired.