Pension Benefit Options Pension Benefit Details 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. 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 $185. 7.13 Deductions You may elect to have federal and/or state, as well as county taxes withheld from the monthly pension benefit payments. Additionally, if you elect to participate in the TRF-sponsored supplemental group health insurance, your premiums will be deducted from your monthly pension benefit payments. 7.14 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 July 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 than 30 days. As of January 1, 2021, if you are at least age 59 1/2 and age and service eligible for normal retirement, you do not have to wait 30 days after separation of employment to withdraw your DC account. 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 are funds, as applicable, and has tax implications. See the Income Tax completing your online application. Considerations section of this handbook for details. 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 Teachers' Retirement Fund Hybrid Plan Member Page 36 of 47 Handbook Effective: 07/01/2024