7 Retirement Distribution A TRF My Choice member at least age 62 with 5 years of participation credit has several options for taking a distribution. TRF My Choice: Retirement Savings Plan does not pay retirement benefits like the TRF Hybrid Plan. There is no DB retirement benefit from TRF My Choice. Your TRF My Choice: Retirement Savings Plan benefit consists of the disbursement of your My Choice DC funds and your Rollover Pre-Tax Contribution funds, if applicable. If the vested funds are left in the TRF My Choice Plan at separation from employment, there is no additional vesting. The funds will remain invested according to your investment elections and you will be charged an account maintenance fee. Once you reach RMD age set by the IRS, you must take a distribution if you have not separated from employment. 7.1 Distribution Effective Date As a member, you set an effective date for the start of your annuity when you complete the application from your online account. Because there is no DB retirement benefit available for TRF My Choice members, there is no retirement effective date. 7.2 Payment Options Any trailing contributions and amounts remaining in the account following any distribution of the DC will be distributed to you. 7.2.1 Annuitize the DC Balance When you retire, you have the option to annuitize the balance of your DC account to purchase an annuity through MetLife or any other provider of your choosing. MetLife annuity is the only annuity provider offered by INPRS. Your eligibility for distribution of your TRF My Choice funds to a MetLife annuity is determined by three factors:  Age: At least age 62  Years of Participation: At least 5 full years of participation  My Choice Minimum Balance: At least $5,000  Employment: Effective January 1, 2021, if you are at least 62 years old with 5 years of participation and separate from employment, you don’t have to wait 30 days for a disbursement.  Still employed and eligible for retirement distribution: Effective January 1, 2021, if you are at least age 62 with 5 years participation, you may take a distribution of your DC account without separating from employment. If you have met the above criteria, you may annuitize your DC and/or Rollover Pre-Tax Contribution funds, as applicable, into a monthly annuity payment from MetLife. As an alternative option you may roll these assets into another retirement account that may have other requirements for an annuity. 7.2.2 Full Withdrawal You may elect to have the total amount of your DC and Rollover Pre-Tax Contribution accounts (less mandatory federal income tax withholding) paid directly to you. If you decide to withdraw all your DC and Rollover Pre-Tax Contribution accounts, you must choose either a direct rollover, complete or partial withdrawal, or partial rollover to a Qualified Retirement Plan for the taxable portion of your DC and Rollover Pre-Tax Contribution accounts. You must consider the tax consequences you may face if you choose a complete withdrawal of the taxable portion of your DC account. TRF My Choice: Retirement Savings Plan Member Page 21 of 30 Handbook Effective: 07/01/2024