Page 35 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

Beneficiaries
could result in payment being made to a previously designated beneficiary. Beneficiaries cannot be changed after the date of death of the member.
7.2 Changing Your Beneficiary after Distribution
There is no Defined Benefit (DB) retirement benefit with My Choice. Refer to the Designating Beneficiaries section for details about naming beneficiaries for your My Choice DC and/or Rollover Pre-Tax Contribution accounts. Beneficiaries cannot be changed after the date of death of the member.
7.3 Divorce
Indiana law prevents assigning PERF benefits. Accordingly, PERF cannot honor any divorce decree which requires it to pay anyone other than the member or the named beneficiary on your PERF My Choice DC and Rollover Pre-Tax Contribution account, as applicable. In addition, Indiana law prohibits PERF from garnishing a member’s benefit for child support payments.
7.4 Qualified Domestic Relations Order (QDRO)
Under State law, benefits in the Plan are exempt from any legal process. Qualified Domestic Relations Orders (QDROs) do not apply to PERF, because PERF is not subject to the Employee Retirement Income Security Act of 1974 (ERISA).
7.5 Disclaiming a Distribution
Indiana law allows a beneficiary to decline (disclaim) a distribution. The law also decides how the bequest is handled if the beneficiary declines it. For specific information on your situation and to be provided with the state form to complete, contact the Member Service Center at (844) GO-INPRS (844-464-6777).
7.6 Trust or Legal Entity as a Beneficiary
In certain situations, naming a Trust or Legal entity as beneficiary is possible. When naming a trust or legal entity as beneficiary, members must furnish PERF with the name, address, and tax identification number of the trust or legal entity. INPRS will also request a copy of the trust agreement.
NOTE: If you annuitize or roll over any of your PERF My Choice funds these exceptions will not apply.
Public Employees Retirement Fund My Choice Plan Page 35 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020