• You are an employee (who is not excluded from coverage) of a participating Local Government that offers Hybrid or both and are working in a covered position. To find more information about the PERF My Choice: Retirement Savings Plan, see the PERF My Choice: Local Government Employees Member Handbook or the PERF My Choice: State Employees Member Handbook. If you do not choose within 60 days, you will be defaulted to the plan that your employer has chosen as the default plan. If your employer does not participate in the PERF My Choice Plan, you will be enrolled into the PERF Hybrid Plan. NOTE: Your election, or default, is irrevocable so be sure to make an informed decision within the 60-day election period. 2.4 Enrollment Your employer enrolls you in the PERF. Once INPRS receives contributions, you will receive a welcome packet with your membership information. The packet has instructions for you to register for an online account. A PIN will be mailed to you. After you have registered, you can designate beneficiaries, update your address, and make investment elections for your DC contributions. 2.5 Suspension of Membership Except as otherwise provided for in this Plan, an individual’s PERF Hybrid membership shall be suspended as follows: • Members who are not eligible for retirement or disability benefits at termination of employment. • After 5 continuous years in which the member performs no service, membership in the PERF Hybrid Fund is automatically suspended unless the member is vested. • The Board may suspend membership in the PERF Hybrid Fund if the member has not performed service in an eligible position covered by PERF Hybrid during the past 2 years, the member is not vested, and the member’s DC account balance is $1,000 or less. For more information, see the Investment Options and Withdrawals, Distributions, and Loans chapters in this handbook. 2.6 Designating a Beneficiary Beneficiary refers to one or more persons, the member’s estate or trust designated to receive all or part of your DC account upon your death. A survivor refers to the person who receives a survivor retirement (pension) benefit upon your death. After you have been enrolled by your employer, received your welcome packet, and registered for your online account, you can log into your online account and designate a beneficiary. You may name either single or multiple beneficiaries to receive your DC and/or RSA funds. You must allocate benefit shares in percentage increments if you designate more than one beneficiary. In lieu of named individual(s), you may also designate a trust or legal entity as your beneficiary. If you designate more than one primary beneficiary, and a primary beneficiary predeceases you, and you do not complete a new beneficiary designation, the remaining primary beneficiaries will receive an apportioned pro rata share based upon the remaining primary beneficiary’s allocated percentages of the deceased primary beneficiary’s portion. You can also designate contingent beneficiaries. Contingent beneficiaries would be paid upon your death only if all primary beneficiaries had pre-deceased you. Public Employees’ Retirement Fund Hybrid Plan Page 10 of 48 Member Handbook Effective: 07/01/2024