6 Withdrawals, Distributions, and Loans The following sections address eligibility requirements and information about taking a distribution of your PERF Hybrid DC and/or RSA funds. If you meet the requirements in this section and take a distribution of your DC account, regardless if you are vested or not, you will no longer receive quarterly member statements. PERF Hybrid was created by statute and does not have any provisions for loans; therefore, loans are not permitted. 6.1 Eligibility for a Distribution You may take distribution of the balance of your DC or roll it over to another Qualified Retirement Plan if you meet the following requirements: • Not receiving a retirement benefit or disability retirement benefit. • Not eligible to receive a full unreduced retirement benefit. • Completely separated from your employer for at least thirty (30) days. Distribution at Age 59½ As of January 1, 2021, if you are at least 59½ years of age and age and service eligible for a normal retirement, then you may request a distribution of your DC even if you are an active PERF Hybrid member. No separation of employment is required. See IC 5-10.2-3-6.5. If you are at least 59½ years of age and leave PERF Hybrid-covered employment for employment other than PERF/TRF Hybrid, you may be eligible to receive a distribution of your DC account. If you are at least 59½ years of age and continue uninterrupted employment in any capacity (full or part time) but are placed in a non-covered position, you may be eligible to withdrawal your DC under 35 IAC 1.2-5-1.3 without a 30 day separation. 6.2 Ineligibility for a Distribution If you are an active member of PERF Hybrid, you cannot take a distribution unless you meet the requirements for taking a distribution at age 59½. If you continue uninterrupted employment in any capacity (full time or part time) in any agency or department of your current employer, regardless of whether the new position is covered under PERF or not, you will not be considered separated from employment. If you leave a PERF Hybrid position for a TRF Hybrid position without the required separation of employment (when a separation is required), you cannot take distribution of your DC account. If you are re-employed in a PERF Hybrid position within 30 days from the date of termination, you are not eligible for a distribution. As of January 1, 2021, this applies to individuals who are not age and service eligible for retirement at the time of their distribution. 6.3 Requesting A Distribution If you meet the requirements for taking a distribution of your DC and/or RSA, you can submit your request by logging into your online account. From the account home page, click the "Account" menu option at the top of the page. From the drop-down that appears, choose "Withdrawal," and then click "Request a Withdrawal." Public Employees’ Retirement Fund Hybrid Plan Page 26 of 48 Member Handbook Effective: 07/01/2024