Page 3 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

3.4 Quarterly Member Statement ............................................................................................................. 19
3.5 Vested Status....................................................................................................................................... 19 Example......................................................................................................................................... 20
3.5.1 Vesting Schedule .................................................................................................................... 20 Example......................................................................................................................................... 20 Table 2: Vesting Schedule............................................................................................................. 20
4 Participation Credit ........................................................................................21
4.1 Member Participation Credit ............................................................................................................... 21 Example......................................................................................................................................... 21
4.2 Types of Participation Credit............................................................................................................... 21
4.2.1 Uniformed Services Employment and Reemployment Rights Act (USERRA) Eligibility...... 21
4.3 Participation Credit for Leave of Absence .......................................................................................... 21
4.3.1 Leave of Absence from Covered Employment ...................................................................... 21
4.3.2 Family and Medical Leave Act................................................................................................ 22
4.3.3 Paid Leave ............................................................................................................................... 22
4.4 Years of Participation and Disability................................................................................................... 22
4.5 Service in a Dual Position ................................................................................................................... 22 Example......................................................................................................................................... 22
4.6 Reinstatement of Participation Credit ................................................................................................. 22
4.7 Additional Participation Credit ............................................................................................................ 23
5 Investment Options .......................................................................................24
5.1 My Choice Defined Contribution Account .......................................................................................... 24 5.1.1 Rollover Funds into PERF My Choice ..................................................................................... 25 5.2 Investment Considerations ................................................................................................................. 25 5.2.1 Investment Options for Defined Contribution and Rollover Pre-Tax Contribution Funds.... 25 Stable Value Fund ......................................................................................................................... 26 Target Date Funds......................................................................................................................... 26 5.2.2 Defined Contribution and Rollover Pre-Tax Contribution Fund Allocation Changes............ 27 5.3 Suspension of Membership ................................................................................................................ 27
5.3.1 Staying Invested ..................................................................................................................... 27
5.3.2 Forfeiture................................................................................................................................. 28
5.3.3 Rollover Pre-Tax Contribution Account for Inactive Member ............................................... 28
6 Withdrawals, Distributions, and Loans .......................................................29
6.1 Withdrawals......................................................................................................................................... 29
6.2 Distributions ........................................................................................................................................ 29
6.2.1 My Choice (Defined Contribution) Distribution...................................................................... 29 Separation from Service (Not Fully Vested)................................................................................. 29 Separation from Employment (Fully Vested)............................................................................... 30 Not Separated from Employment (Fully Vested) ......................................................................... 31 Partial Distribution ........................................................................................................................ 31 6.2.2 Payment Options .................................................................................................................... 31 Direct Rollover............................................................................................................................... 31 Paid Directly to You....................................................................................................................... 32
Public Employees Retirement Fund My Choice Plan Page 3 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020