7.10 Early Retirement with a Reduced Benefit You may be eligible for a reduced pension benefit if you are at least 50 years of age with fifteen (15) or more years of creditable and/or eligibility service under PERF Hybrid (or a combination of PERF/TRF Hybrid). If you choose to take early retirement, your pension benefit will remain at a reduced level for life, even after reaching 60 years of age. The table below illustrates how much of the pension benefit you receive according to your age. Table 2: Retirement Age/Percent of Pension Benefit Retirement Age Percent of Pension Benefit 59 89% 58 84% 57 79% 56 74% 55 69% 54 64% 53 59% 52 54% 51 49% 50 44% If you retire after July 1, 2008, and then re-employ in a TRF/PERF Hybrid covered position within 30 days of the date on which your pension benefit begins, regardless of age, benefits will be stopped. You will be treated as having never retired, and both member and employer contributions will be due during your period of reemployment. Your PERF Hybrid application for retirement is void if you have an agreement, formal or informal, prior to retirement, with a covered employer to become re-employed in a covered position. 7.11 Disability Retirement Disability retirement requires the completion of at least 5 years of creditable service and qualification for disability benefits by Social Security Administration and approval from the INPRS Board. The disability retirement commencement date is either:  The month following Social Security disability onset.  The later of onset or last day of pay, dependent upon your age and service credit at time of disability.  The onset date must be within 30 days from last check date. Disability Retirement Eligibility To become eligible for a PERF Hybrid disability retirement:  Your disability must have occurred while employed in a TRF/PERF Hybrid position.  You must have at least 5 years of service credit in a PERF/TRF Hybrid position.  Your disability must occur while employed in a PERF/TRF Hybrid position.  Your disability must be confirmed by the Social Security Administration, and you are receiving salary, worker’s compensation benefits, or employer-provided income protection benefits (for example, long-term disability), or are on leave under FMLA as of the onset date established by the Social Security Administration (SSA). Public Employees’ Retirement Fund Hybrid Plan Page 33 of 48 Member Handbook Effective: 07/01/2024