TRF At A Glance

7/1/2022 MY CHOICE TRF AT A GLANCE Retirement Savings Plan Mandatory 3 percent employee share of gross Voluntary Contributions, continued wages paid by employer. < Employee can elect up to 10 percent of gross wages to contribute additional Employer crediting rate portion of employer share money is 6.0 percent. Members must meet vesting Contributions 1, 2 < Employee’s voluntary contributions are requirements. post-tax. Voluntary Contributions < Employee may do direct rollovers from quali昀椀ed plans The employee share is fully vested upon hire and based on full years of participation: Vesting < 3 years = 60 percent < 1 year = 20 percent < 4 years = 80 percent < 2 years = 40 percent < 5 years = 100 percent Eligibility for You must be a new TRF member entering into TRF-covered employment on or after July 1, 2019. You 3 Plan Participation will be able to choose membership in either the Hybrid or My Choice: Retirement Savings Plan. < Quali昀椀ed for Social Security disability bene昀椀ts After demonstrating disability, member can and furnished proof of quali昀椀cation Eligibility for withdraw funds. < Received a salary from a position covered by the My Choice: Retirement Savings Plan within Disability Bene昀椀t Withdrawal is limited to the vested portion Payment 30 days of social security eligibility date of the employee’s account balance with this < Vested in employer share beginning at one option. year of participation Members direct their investments in a combination of any of eight funds (see list below). The default < Large Cap Equity Index Fund investment fund is the target date fund based on a Investment < Small/Mid Cap Equity Fund member’s estimated retirement date. Options < International Equity Fund < Inflation-Linked Fixed Income Fund < Money Market Fund < Stable Value Fund < Fixed Income Fund < Target Date Funds 1 My Choice: Retirement Savings Plan employer contribution rates are effective July 1, 2022 to June 30, 2023. 2 Contribution amounts covering unfunded pension liability are not made to My Choice: Retirement Savings Plan accounts. 3 More information is available in the TRF My Choice: Retirement Savings Plan Handbook.

7/1/2022 MY CHOICE TRF AT A GLANCE Retirement Savings Plan Account Daily valuation allows members to manage their De昀椀ned Contribution Account investments on a Information daily basis. Members who are actively employed in a < Members working in positions NOT covered position may not withdraw the covered by the TRF My Choice Plan who account balance. are at least age 59.5 may also take a DC withdrawal while still working. Members can withdraw their rollover account balance at any time. Available only when disabled or separated Withdrawals from service Members who have demonstrated disability < May leave account invested in TRF, or can withdraw the vested amount of their Before receive a distribution account balance. Retirement < Rollover to quali昀椀ed plan or other eligible retirement account Members who are not separated from service < No loans < TRF My Choice members working in My Choice plan covered positions who are at least age 62 with at least 5 years of service may take a DC withdrawal while still working. Choices determine payments < May defer payment until April following age 72, if you are not actively employed Income and Members who meet the age and minimum in a covered position. balance requirements must make their < May choose lump sum, partial Options at distribution elections on the retirement withdrawal or rollover distribution Retirement application. < Members who have reached age 62 may choose monthly payment for annuity < Amount of distribution determined by account balance, taxes withheld, and distribution option chosen Payment Balance payment < After death of a member, designated < Receives total accumulated amount Bene昀椀ciaries/ bene昀椀ciary(ies), or the estate if there are after death of member. Spousal survivors no designated bene昀椀ciaries, receives the vested portion of the member’s account balance. FOR YOUR BENEFIT This handout is an overview of the TRF My Choice: Retirement Savings Plan provisions. Complete details of the plan’s provisions are available in the current member handbook. You may read it or print your own copy from the INPRS website at www.inprs. in.gov. You may also request a copy in writing or by calling our toll-free number, (844) GO-INPRS. Keep your information current. Report any changes in your name, address or bene昀椀ciary choices directly to INPRS. This is NOT something your employer can do for you. To change your bene昀椀ciary, name or address information, log on to your online member account by visiting myINPRSretirement.org. Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a con昀氀ict arises between information contained in this publication and the law, the applicable law shall apply. One North Capitol, Suite 001 < Indianapolis, IN 46204 < toll-free: (844) GO-INPRS < www.inprs.in.gov