CContontrriibutbutiionsons enrolled prior to January 1, 2018). If you want to make voluntary contributions to your DC, talk to your employer’s payroll staff. Voluntary Pre-Tax Contributions As of January 1, 2018, no further enrollments for voluntary pre-tax contributions are allowed. If you were enrolled prior to January 1, 2018, the percentage of each pay period's wages which you chose to contribute on a pre-tax basis will continue as it is an irrevocable election and cannot be changed as long as you work for the same employer in any PERF-covered position. If you leave employment and return to the same employer, your pre-tax contribution will be reinstated, but cannot be changed or stopped. Voluntary Post-Tax Contributions When you make post-tax voluntary contributions, federal, state, and Social Security taxes are withheld. Your take home pay is reduced by the total amount contributed. Because these funds have already been taxed, they will not be taxed again; however, it is important to know that any earnings or interest accrued on these funds is still taxable at the time of distribution. To make after-tax voluntary contributions, your employer must agree to deduct the amount requested (up to 10%) and submit it to INPRS. You can stop making post-tax contributions or change the amount deducted at any time. 3.3 Rollover Funds into PERF Hybrid DC account If you are not retired and have money in your DC account, you can roll over funds from an IRA or other qualified retirement plan into your PERF Hybrid account. Complete the Transfer Funds from an Outside Account into a PERF RSA form located on the PERF forms page of INPRS website and submit it to the address provided on the form. NOTE: PERF can only accept transfers of taxable (pre-tax) funds. You can roll over funds into your RSA from any of the following: • A qualified plan described in IRS Section 401(a), 403(a), or an annuity contract or account described in Section 403(b) • An eligible plan maintained by a state or Local Government of a state, or an agency or instrumentality of a state or Local Government of a state under IRS Section 457(b) • An Individual Retirement Account (IRA) described in IRS Section 408(a) or 408(b) • A traditional or conduit IRA The RSA may be invested in any of the available investment options. See the Investment Options section of this handbook for information about investing your RSA funds. See also the Withdrawals, Distributions, and Loans section this handbook for information about RSA distributions. NOTE: As of July 1, 2018, inactive members can roll over funds from a qualifying IRA or retirement plan into RSA and continue to direct the fund elections. 3.4 Internal Revenue Code 401(a) 17 Limits As a member of PERF Hybrid you are subject to the annual compensation limit under the Internal Revenue Code (IRC) Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) of the IRC. These limits are subject to change on an annual basis. Public Employees’ Retirement Fund Hybrid Plan Page 13 of 48 Member Handbook Effective: 07/01/2024