4 Creditable Service Creditable service is earned in monthly increments. A PERF Hybrid member is entitled to one month of creditable service for each month the member was employed at least one day in a full-time PERF-covered position, and for which employer contributions are required to be made. PERF Hybrid members cannot receive more than one month of creditable service for the same calendar month. Creditable service earned shall be counted for purposes of vesting, retirement eligibility and calculation of a pension benefit. NOTE: You are not allowed to earn double service credit. A member who is employed in a PERF-covered position by a school corporation, state school, university, school city or town who works the full school term or contract period receives credit for one year of creditable service. Otherwise, service credit for school corporation employees is granted for actual time worked. If you have past service as an employee of the State of Indiana or participating Local Government in a position not covered by the retirement fund, you may receive credit for this service. You must have worked before January 1, 1985, in PERF/TRF Hybrid and the position became covered prior to January 1, 1985. You will need to submit proof of this service to INPRS and it will be reviewed. If you have past service in a position not covered by the retirement fund, you may receive credit for this service if the position was covered after December 31, 1984, by PERF/TRF Hybrid and you were employed in the position prior to January 1, 1985. You would need to remain in that position or another position with the same employer at least until the position became covered. You will need to submit proof of this service to INPRS and it will be reviewed. For more information, see IC 5-10.2-3-1. NOTE: Any service credit granted to you must comply with the laws in effect at the time of retirement. 4.1 Vested Status Under State law, vested status is defined as ten (10) or more years of creditable service or combined creditable and eligibility service under PERF. If you have attained vested status you are entitled to receive full pension benefits when meeting the following age and service requirements:  Age 65 with 10 years of creditable and/or eligibility service  Age 60 with 15 years of creditable and/or eligibility service  At least age 55 and the sum of the member’s age at retirement and their total years of creditable and eligibility service under PERF equal 85 or more (Rule of 85) NOTE: You are vested immediately for your contributions to your DC account. However, there are restrictions on distributions. Refer to the Withdrawals, Distributions, and Loans section of this handbook for more information. You do not have to work for the same employer and the jobs do not have to be for 10 consecutive years to reach vested status. A total of 10 years in any combination of PERF/TRF Hybrid positions for which an employer makes contributions qualifies as creditable service for vesting purposes. Vesting for Specified Elected Officials Some elected officials vest in 8 years instead of 10. By law, county officials named in the Indiana Constitution and limited by law to two 4-year terms in office will vest when the second term in office ends Public Employees’ Retirement Fund Hybrid Plan Page 15 of 48 Member Handbook Effective: 07/01/2024