Page 36 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

8 Distribution Benefits
PERF My Choice: Retirement Savings Plan does not pay retirement benefits like the PERF Hybrid Plan. PERF My Choice offers a distribution of the PERF My Choice funds as outlined in this section either in conjunction with separation from employment in a PERF My Choice-covered position for 30 days or according to Required Minimum Distribution (RMD) rules. See the Required Minimum Distribution (RMD) Information section of this handbook.
If the vested funds are left in the PERF My Choice Plan at separation from employment, there is no additional vesting; however, the funds will continue to accrue interest according to your investment elections.
8.1 Distribution Benefit
Your PERF My Choice: Retirement Savings Plan benefit consists of the distribution of your PERF My Choice Defined Contribution (DC) funds and your Rollover Pre-Tax Contribution funds, if applicable.
8.2 Distribution Eligibility
Your eligibility for distribution of your My Choice funds to a MetLife annuity is determined by three factors:
8.3
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Age: At least age 62
Employment: For distributions before January 1, 2021, you must be separated from PERF employment for at least 30 days. After December 31, 2020, if you are not normal retirement age (at least age 62 with 5 years participation) you must be separated from PERF employment for at least 30 days before taking a distribution. However, after December 31, 2020, if you are normal retirement age (at least age 62 with 5 years participation) you do not have to wait 30 days after separation from PERF employment to take a distribution of your DC account. Further, after December 31, 2020, if you are normal retirement age (at least age 62 with 5 years participation), you may take an in-service distribution of your DC account.
Years of Participation: At least 5 full years of participation My Choice Minimum Balance: At least $5,000
Distribution Ineligibility
MetLife annuity is the only vehicle offered by INPRS that has age, participation, and minimum balance requirements. As a PERF My Choice member you can take distribution of your funds, vested or not vested, at any time after meeting separation distribution requirements. See the Distributions section of the Withdrawals, Distributions, and Loans section of this handbook.
8.4 Distribution Effective Date
As a member, you set an effective date for the start of your annuity when you complete the application from your online account at myINPRSretirement.org. Because there is no DB retirement benefit available for PERF My Choice members, there is no retirement effective date.
Public Employees Retirement Fund My Choice Plan Page 36 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020