Pension Benefits Pension Benefit Options Benefit Details Social Security Integration Before age 62, your benefits will equal the sum of your age 62 Social If you retire between ages 50 and 62 Security estimate, multiplied by actuarial factors, and your early pension you may integrate the monthly pension benefit. This will result in you receiving a larger monthly benefit before age benefit with your estimated Social 62. Security benefits. At age 62, your benefit will equal the difference between your age 62 This does not affect the amount of the Social Security estimate, multiplied by actuarial factors, and your pre-62 benefit received from SSA. monthly pension benefit. Depending upon your estimated Social Security distribution, benefit payments may be greatly reduced or terminated at age 62. When receiving an unreduced benefit, the age 62 benefit shall not reduce below $180. 7.14 Deductions You may elect to have federal and/or state, as well as county taxes withheld from the monthly pension benefit. 7.15 DC and RSA Payment Options Once you’ve chosen your pension benefit option, you need to choose an option for your DC and/or RSA funds. NOTE: Any DC and RSA funds totaling $1,000 or less received after the final date on which your retirement is processed may be paid directly to you. As of January 1, 2009, if you are a vested member who is eligible for early retirement, you may withdraw your DC and/or RSA funds without forfeiting your retirement pension benefit, but you must separate from employment for more at least 30 days. NOTE: INPRS is not an annuity provider of DC and RSA funds. You may annuitize through MetLife. With a MetLife fixed income annuity, you have a guaranteed lifetime income. You are not required to annuitize with MetLife and may annuitize with another provide of your choice. DC and/or RSA Options DC and/or RSA Retirement Details Lump Sum A lump sum distribution of any portion of your DC and RSA funds, as applicable, up to 100%. This is a direct distribution of your DC and RSA This option is available when you funds, as applicable, and has tax implications. See the Income Tax are completing your online Considerations section of this handbook for details. application. If you elect only a partial distribution from your DC and/or RSA funds, you must choose to do one or a combination of the remaining three options outlined in the MetLife Annuity section of this table. Whatever you elect, it must equal 100% of your DC and RSA funds balance. Direct Rollover Rollover any portion of your DC and RSA funds up to 100% into a Qualified Retirement Plan. Public Employees’ Retirement Fund Hybrid Plan Page 36 of 48 Member Handbook Effective: 07/01/2024