PERF at a Glance

7/1/2023 PERF AT A GLANCE Defined Benefit Defined Contribution (DC) Account Vesting 10 years of PERF and/or TRF-covered service Immediate 8 years for specified elected positions Contributions • The employer pays 100%. Mandatory 3% of gross wages paid by: • The INPRS Board of Trustees determines • Employer, or the employer contribution rate annually. • Employee, or • No member contributions. • Shared by both employee and employer. 1 Voluntary Contributions The employee can elect to make additional post-tax contributions. Investment Members do not direct the investment Member can choose from 8 funds: Options of the Defined Benefit.  Stable Value Fund  Money Market Fund  Fixed Income Fund  Inflation-Linked Fixed Income Fund  Large Cap Equity Index Fund  Small/Mid Cap Equity Fund  International Equity Fund  Target Date Funds Eligibility for • Age 65 with 10 years of service. Automatic eligibility to withdraw DC balance once Retirement • Age 60 with 15 years of service. member separates from service.3 Benefit • At age 55 if age and creditable service Members separated from service may retire with the total at least 85 (“Rule of 85”). PERF Hybrid Plan and continue to work in a non- • Early retirement with reduced benefits INPRS covered position if they meet age and service between ages 50-59 with 15 years of requirements. service. • Age 65 with 20 years of service.2 • Special provisions for certain elected officials. Eligibility for • Qualified for Social Security disability Automatic eligibility to withdraw DC balance if Disability benefits and provided proof of qualification. receiving a disability benefit. • Received a salary from a PERF-covered Benefit position within 30 days of the termination date. • Minimum of 5 years of service. Account Members receive PERF Annual Member Statements Quarterly member statements are provided online Statements (AMS) by mail. The AMS includes an estimated and/or mailed by INPRS. annual defined benefit amount, years of service, and DC account investment information. Members can choose to have the AMS sent via email every year. Copies are also available from the member’s online account at myINPRSretirement.org. 1Go to the PERF Hybrid Member Handbook for more on voluntary contributions. 2Actively employed members who have completed at least 20 years of service may apply for retirement benefits at age 65, remain actively employed, and receive monthly benefits. 3 Certain restrictions may apply if the member is vested in a pension benefit.