7.12 Minimum Retirement Pension Benefit Effective July 1, 2008, the minimum pension benefit was set at $180 per month if you have reached full retirement eligibility and have at least 10 years of creditable service. See 35 IAC 1.2-5-12(a). Elected officials who have service credit which consists only of service in the elected position do not qualify for this minimum benefit. 7.13 Pension Benefit Payment Options The payment decisions you make at retirement will affect the amount of your monthly pension benefit and determine whether any survivors will receive a monthly benefit after your death. PERF Hybrid pension benefit options are listed in the chart below. Pension Benefit Options Benefit Details Five-Year Certain with Lifetime Monthly pension benefits for the rest of your life. Guarantee If you die before receiving 60 monthly benefit payments, your beneficiary(ies) will receive that monthly benefit for the remainder of those 60 months, or a lump sum distribution equal to the present value of those remaining payments. After 60 months (5 years), no payments are available to the beneficiary(ies). Straight Life (Benefit with no Receive a monthly pension benefit for life. Guarantee) No monthly payments to anyone after your death. Joint with 100% Survivor Benefit Monthly pension benefit for life. After your death, the same monthly benefit will be paid to your named survivor for the survivor’s lifetime. You will need to contact INPRS if your survivor/beneficiary is not your spouse. There are restrictions (age, child, etc.) and only one survivor can be named. Joint with 66⅔% Survivor Benefit Monthly pension benefit for life. After your death, two-thirds (66⅔ percent) of the monthly benefit will be paid to your named survivor for the survivor’s lifetime. You will need to contact INPRS if your survivor/beneficiary is not your spouse. There are restrictions (age, child, etc.) and only one survivor can be named. Joint with 50% Survivor Benefit Monthly pension benefit for life. After your death, 50% of the monthly benefit will be paid to your named survivor for the survivor’s lifetime. You will need to contact INPRS if your survivor/beneficiary is not your spouse. There are restrictions (age, child, etc.) and only one survivor can be named. Public Employees’ Retirement Fund Hybrid Plan Page 35 of 48 Member Handbook Effective: 07/01/2024