7/1/2023 PERF AT A GLANCE Defined Benefit Defined Contribution (DC) Account Withdrawals None – members are not eligible for the Members who are NOT separated from service Before Defined Benefit until they reach age and may take a DC withdrawal if: service requirements and separate from • the member is at least age 59½ AND age Retirement employment. & service eligible for full retirement benefits; or the member is working in non PERF Hybrid position, is at least age 59½, AND age & service eligible for full retirement benefits. Members who are disabled or separated from service: • may leave the DC account invested in INPRS or receive a distribution, or • may roll over the DC account to a qualified plan or other eligible retirement accounts. Income and The monthly lifetime benefit amount is Member chooses the form of payment. Options at determined by: • May choose monthly payment for the 1. Age lifetime benefit Retirement 2. Years of service • May defer payment until RMD (required 3. Average annual compensation (Final minimum distribution) age Average Salary) based on 20 quarters • May choose direct payment or rollover 4. Multiplier of 1.1 percent (.011) distribution  Benefit amount is taxable as ordinary income The amount of distribution is determined by  Survivor options are available account balance, taxes withheld, and distribution The monthly benefit amount is affected by the option chosen. payment option election made at retirement.  Any Cost of Living Adjustment (COLA) must first be approved by the Indiana General Assembly. Beneficiaries Monthly payment Balance payment • Following the death of a retired member • Receives the total accumulated amount under applicable payment options. after the death of an active member or • Following the death of an active member retired member who elected to defer based on eligibility. payment. • Receives remainder of the accumulated amount per retirement payment options chosen by the member. FOR YOUR BENEFIT This handout is an overview of the PERF Hybrid plan provisions. Complete details are available in the PERF Hybrid plan member handbook. You may read it or print your copy from the INPRS website. You may also request a copy in writing or by calling our toll-free number, (844) GO-INPRS. Keep your name, address, and beneficiary choices current. Visit your online account at myINPRSretirement.org to make changes. Without a current address, INPRS can’t reach you when you may be retirement eligible. INPRS can pay 6 months of retroactive pension benefits only. INPRS can pay death benefits to designated beneficiaries on file. Don’t let death benefits go to the wrong person. Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between the information contained in this publication and the law, the applicable law shall apply. One North Capitol, Suite 001 ■ Indianapolis, IN 46204 ■ toll-free: (844) GO-INPRS ■ www.inprs.in.gov