Page 2 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

Table of Contents
1 Overview ...........................................................................................................6
1.1 Administration of System and Funds ................................................................................................... 6 1.2 Vision.....................................................................................................................................................7 1.3 Mission .................................................................................................................................................. 7 1.4 Principles ............................................................................................................................................... 7 1.5 Board of Trustees .................................................................................................................................. 7 1.6 Indiana Code Governing PERF .............................................................................................................. 7 1.7 Other Public Employees’ Retirement Fund Member Handbooks ........................................................ 8 1.8 Important Terms.................................................................................................................................... 8
2 Membership ....................................................................................................10
2.1 PERF Hybrid Plan or PERF My Choice: Retirement Savings Plan for Political Subdivision Employees 10
2.2 Eligibility..............................................................................................................................................11
2.2.1 Enrollment............................................................................................................................... 11
2.3 Ineligibility ........................................................................................................................................... 12
2.4 Suspension of Membership ................................................................................................................ 13
2.5 Personal Information........................................................................................................................... 13
2.5.1 Change Beneficiaries .............................................................................................................. 13
2.5.2 Change Name ......................................................................................................................... 14
2.5.3 Change of Address.................................................................................................................. 14
3 Contributions ..................................................................................................15
3.1 Benefit Structure.................................................................................................................................. 15
3.2 Employer Participation........................................................................................................................ 15
3.2.1 Contribution Rate .................................................................................................................... 15
3.2.2 Changes in Employer Contribution Rate................................................................................ 15
3.2.3 Employer Contributions (Variable) ......................................................................................... 16
3.2.4 Employer Contributions (Required)........................................................................................ 16
3.3 Member Contributions ........................................................................................................................ 16
3.3.1 Fixed and Variable Contributions ........................................................................................... 16
3.3.2 Contributions (Volunteer Firefighters) ................................................................................... 17
3.3.3 Voluntary Member Contributions........................................................................................... 17
Voluntary Post-Tax Contributions ................................................................................................ 17 Voluntary Pre-Tax Contributions .................................................................................................. 17
3.3.4 401(a) 17 Limits....................................................................................................................... 17 Table 1: Compensation Limits ...................................................................................................... 18 Rollover Funds into PERF My Choice ........................................................................................... 18 3.3.5 Voluntary Withdrawal of Rollover Pre-Tax Contribution Funds ............................................ 19
Public Employees Retirement Fund My Choice Plan Page 2 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020