OOveverrvivieeww 1.5 Important Terms • Beneficiary – one or more persons, the member’s estate or trust designated by the TRF My Choice member to receive all or part of a member’s defined contribution funds after the death of a member. • Defined Contribution (DC) Account – this is your individual account. It is funded by 3% mandatory contributions. These contributions are paid either with payroll deductions or by your employer. Voluntary contributions, interest and earnings may also be added to this account. • Employer – the State of Indiana, participating quasi agency, participating political subdivision, or certain miscellaneous participating entity that employs members eligible for the My Choice: Retirement Savings Plan. • Fixed and Variable Rate Contributions – Employer contributions to the My Choice: Retirement Savings Plan that must be made as required by state law. • Member – a public employee enrolled in the My Choice: Retirement Savings Plan. • My Choice: Retirement Savings Plan – This plan is funded by a 3% employee fixed mandatory contribution and a variable employer contribution. The mandatory contributions may be paid by the member or the member’s employer on the member’s behalf. • My Choice plan covered Position – any eligible position your employer elects to cover and make contributions to INPRS to fund benefits. • Normal Retirement Age - a TRF My Choice member who is at least 62 years of age with at least 5 years of participation in the plan. • Participation credit – credit given for participation in a My Choice covered position. Credit is earned in whole years only. • Public Employee – an employee of the State of Indiana or political subdivisions. Employees of private companies do not qualify for membership. • Rollover Savings Account – now referred to as Rollover Pre-Tax Contribution or RSA (for Investments). An RSA consists of a member's funds transferred to TRF from another qualified plan plus any interest or earnings. • Survivor – the person designated by the member who may receive benefits after the death of the member. • Vesting/Vested – the minimum amount of time you must work (years of participation) in one or more covered positions to receive a portion of the employer share (variable) contributions and earnings of the My Choice: Retirement Savings Plan. • Voluntary Contributions – contributions made to the My Choice: Retirement Savings Plan that you may choose to make through payroll deductions if your employer participates in the program. • Years of Participation – each full year of employment in a My Choice-covered position. Years of participation help to determine your qualification for vesting. 1.6 Indiana Code Governing TRF My Choice Plan The laws and regulations governing the TRF My Choice Plan may be found in Indiana Code (IC) 5-10.2, IC 5-10.4, IC 5-10.4-8, IC 5-10.5 Title 35 Of the Indiana Administrative Code (IAC), and Internal Revenue TRF My Choice: Retirement Savings Plan Member Page 5 of 30 Handbook Effective: 07/01/2024