Pension Benefits 7.7 Millie Morgan Retirement If you are at least 65 years of age as of June 30, 2023, with at least 20 years of creditable service, you may start receiving your pension benefit effective July 1, 2023, while still working in your TRF Hybrid- covered position. Millie Morgan Retirements cannot be back dated (retro retirement). Once you elect a Millie Morgan Retirement, your election is irrevocable. If you choose to start receiving your pension benefit while still working, you will not earn any more service credit toward retirement. As a Millie Morgan retiree you are not eligible for a second retirement if you terminate and later reemploy. However, you can elect to continue to make contributions to your DC account. Required Minimum Distribution (RMD) does not apply to Millie Morgan Retirements because you are continuing to work and draw a salary. 7.8 Elected Official Retirement Under Indiana law, a person in an elected position who is at least age 55 and has 20 or more years of TRF Hybrid-covered service can begin receiving a pension benefit while continuing to serve in an elected position covered by TRF Hybrid. You must make this election while holding the elected position. If you choose to begin receiving a monthly pension benefit while working in a TRF Hybrid-covered position you will not earn additional service credit toward retirement; however, you must make an election to continue or discontinue additional contributions to your DC account. If you retire under this option, you must make the election as part of the online retirement application (elected officials age 55 with 20 years of service) and submit it to INPRS. If you are younger than age 60 and do not meet the Rule of 85, the pension benefit is reduced for early retirement. Elected Official Retirements cannot be back dated (retro retirement). 7.9 Early Retirement with a Reduced Benefit You may be eligible for a reduced pension benefit if you are between the ages of 50 and 59 with 15 or more years of creditable and/or eligibility service under TRF Hybrid or a combination of TRF/PERF Hybrid. If you choose to take early retirement, your pension benefit will remain at a reduced level for life, even after reaching 60 years of age. The table below illustrates how much the pension benefit is reduced according to your age: Retirement Age/Percent of Pension Benefit Retirement Age Percent of Pension Benefit 59 89% 58 84% 57 79% 56 74% 55 69% 54 64% 53 59% Teachers' Retirement Fund Hybrid Plan Member Page 32 of 47 Handbook Effective: 07/01/2024