OOveverrvivieeww 1.5 INPRS’ Vision, Mission, and Values Mission: Engaged members able to realize their retirement dreams. Vision: As fiduciaries, educate stakeholders, collect necessary contributions, and prudently manage member assets to deliver promised DB and DC benefits and services. Values: INPRS believes people are the foundation of our success. It takes people with different backgrounds, ideas, and strengths to be successful. Success is built upon accountability, commitment, constructive conflict, and trust. 1.6 Important Terms • Beneficiary – one or more persons, the member’s estate or trust designated by the PERF member to receive all or part of a member’s defined contribution funds after the death of a member. • Contributions – funds paid to INPRS by employers and/or the employee/PERF member to fund future benefits. • Creditable Service – each period of continuous employment in a PERF Hybrid covered position. Creditable service is important in deciding your qualification for benefits. • Defined Benefit (DB) – a pension benefit funded by your employer. This pension benefit is separate from the defined contribution account. • Defined Contribution (DC) Account – a separate account from the pension benefit (DB) that is funded by three percent (3%) mandatory contributions. These contributions are either paid by you, the member, through payroll deductions or your employer. Voluntary contributions, interest and earnings may also be added to this account. This account was formerly known as the annuity savings account (ASA). • Employer – means the State or a political subdivision electing to participate in PERF Hybrid. • Mandatory Contributions – contributions to your DC (formerly ASA) that must be made as required by state law. • Member – a public employee enrolled in PERF Hybrid Plan. • PERF-Covered Position – any qualified position for which an employer elects to cover and make contributions to PERF to fund pension benefits. • Political Subdivision - means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town, or township, which department receives revenue independently of, or in addition to, funds obtained from taxation. See IC 5-10.3-6. • Public Employee – an employee of the state of Indiana, public schools, innovation schools and universities, and other state and government groups. Employees of private companies are not public employees. • Retirement Pension Benefit – a lifetime monthly pension benefit paid either to a qualified member after retirement from PERF-covered employment or to the member’s designated survivor. This pension benefit is also known as the defined benefit (DB) and is funded by PERF employers. Public Employees’ Retirement Fund Hybrid Plan Page 6 of 48 Member Handbook Effective: 07/01/2024