Paying For Service Payment for service credit may be done through a finance agreement. INPRS may allow you to make periodic payments of the contributions required for the purchase of service credit. Payment may be made in a lump sum or annual installments with interest at a rate determined by the INPRS Board for a period not to exceed 5 years. Any installment may bear interest at the interest rate effective on the date of the first installment. Any payments are subject to applicable Internal Revenue Service limits. You may pay INPRS for service in the form of a rollover from another tax-deferred retirement plan, as allowed by statute. Any direct rollover should not exceed the cost of the service being purchased. Any excess amount will be deposited in your RSA. If you fail to make payments under the terms of the finance agreement, a partial service credit amount will be determined by INPRS. The partial service credit amount will be based on the payments made as of the date of payment default and the actuarial cost of the service. You will not be eligible to make service purchase payments after the date of payment default. If you end employment before you qualify to retire, INPRS will refund the price you paid for the additional service. This amount will include interest. You will receive this refund if you withdraw your DC account. INPRS decides the amount based on the actuarial cost. If you re-employ and want to purchase service, you will have to start over with the service purchase process. For more information, see 35 IAC 1.2-3-13. 4.8 Reinstatement of Service Credit As of July 1, 2018, if you separate from employment and later return to service in a PERF Hybrid-covered position, your service credit will immediately begin accruing from the date you separated from employment. If you separated from employment and took a distribution prior to July 1, 2018, you must return to a PERF/TRF Hybrid position for six months to have your service credit reinstated. 4.9 Service Credit Inquiry NOTE: If you question your amount of creditable service with a current or former employer, YOU are responsible for providing evidence that service was rendered for the time being questioned with that employer. After you begin receiving your retirement pension benefit, if you believe an error was made in calculating the creditable service, you may request an examination of the benefit. Once a review has been done and a determination has been made, you may appeal the determination. However, according to Indiana Administrative Orders and Procedures Act, you can only appeal the determination decision if the appeal is requested within six years after the determination of your creditable service or benefit. See IC 5-10.3-8-5. Public Employees’ Retirement Fund Hybrid Plan Page 22 of 48 Member Handbook Effective: 07/01/2024