4.6 Omitted Contributions and Substitute Teaching Service ........................................................................ 19 4.7 Purchase Additional Service Credit ........................................................................................................ 19 Basic Qualifications .................................................................................................................................... 19 Cost to Purchase Service Credit ................................................................................................................ 20 Purchase Out of State Service Credit......................................................................................................... 20 Purchase Private School Service Credit .................................................................................................... 21 Purchase Substitute Teacher Service Credit ............................................................................................. 21 Purchase Military Service Credit ................................................................................................................ 21 Purchase “Airtime” Service Credit .............................................................................................................. 21 Purchase Service in another Plan .............................................................................................................. 22 Purchase Service Credit with Rollover from another Plan ......................................................................... 22 4.8 Service in a Dual Position ....................................................................................................................... 22 4.9 Reinstatement of Service........................................................................................................................ 22 4.10 Service Credit Inquiry ............................................................................................................................. 22 5 Investment Options ........................................................................ 24 5.1 Options.................................................................................................................................................... 24 5.2 Investment Considerations ..................................................................................................................... 25 5.3 Making Changes ..................................................................................................................................... 25 5.4 Suspension of Membership .................................................................................................................... 25 Rollover Funds for Inactive Member........................................................................................................... 25 6 Withdrawals, Distributions, and Loans .............................................. 26 6.1 Eligibility for a Distribution....................................................................................................................... 26 Distribution at Age 59½ .............................................................................................................................. 26 6.2 Ineligibility for a Distribution .................................................................................................................... 26 6.3 Requesting a Distribution........................................................................................................................ 27 Distribution of Your DC Account ................................................................................................................. 27 Voluntary Member Contributions ................................................................................................................ 27 Voluntary Withdrawal of Rollover Funds Other than at Retirement ........................................................... 27 6.4 Distribution Payment Options ................................................................................................................. 27 Direct Rollover ............................................................................................................................................ 27 Paid Directly to You .................................................................................................................................... 28 Tax Penalty – Early Withdrawal of Your Defined Contribution Account ..................................................... 28 7 Pension Benefits ........................................................................... 29 7.1 Retirement Requirements for a Full Pension.......................................................................................... 29 7.2 Retirement Effective Date ....................................................................................................................... 29 7.3 Retirement Benefit Payment Dates ........................................................................................................ 30 7.4 Calculating A Retirement Pension Benefit Estimate .............................................................................. 30 7.5 Final Average Earnings Calculation ....................................................................................................... 31 7.6 Regular Retirement without Employer Separation (Active, In Service) .................................................. 31 7.7 Millie Morgan Retirement ........................................................................................................................ 32 7.8 Elected Official Retirement ..................................................................................................................... 32 7.9 Early Retirement with a Reduced Benefit ............................................................................................... 32 7.10 Disability Retirement ............................................................................................................................... 33 Classroom Disability ................................................................................................................................... 33 Regular Disability Eligibility ......................................................................................................................... 33 Disability Benefits ....................................................................................................................................... 34 Disability Alternatives ................................................................................................................................. 35 7.11 Minimum Retirement Pension Benefit .................................................................................................... 35 7.12 Pension Benefit Payment Options .......................................................................................................... 35 Teachers' Retirement Fund Hybrid Plan Member Page 3 of 47 Handbook Effective: 07/01/2024