Page 37 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

8.5 Distribution Options
Table 3 outlines the available distribution options for the PERF My Choice: Retirement Savings Plan.
Table 3: Distribution Options
8.5.1 Regular Distribution
There is no DB retirement benefit from the PERF My Choice Plan. However, you may withdraw the vested portion of your account if you meet the requirements outlined in the Retirement Eligibility section of this handbook.
If you have met age (62 or older), years of participation (minimum of 5 years), and have at least a $5,000 balance in your My Choice Plan account, you may annuitize your DC and/or Rollover-Pre-Tax Contribution funds, as applicable, into a monthly annuity payment. Beginning January 1, 2018, INPRS is no longer your choice of annuity provider. However, INPRS has partnered with MetLife to offer annuities at competitive rates. With the transition to MetLife not only will you still have the ability to purchase a lifetime income annuity with all your INPRS DC and/or Rollover-Pre-Tax Contribution funds, as applicable, assets, or with a portion of those assets.
Any rollover accounts in PERF may be used in the calculation of the minimum account balance. That is, you may take this money as a lifetime monthly annuity payment. You can also choose to receive a distribution of the DC funds when you retire from PERF or defer distribution to a later date.
You may roll over your My Choice funds into another IRS qualified plan (which could be an annuity other than MetLife) or a traditional or conduit IRA.
You must choose your payment option. See the My Choice Plan Distribution Payment Options section of this handbook for details.
8.5.2 Early Distribution
See Withdrawals, Distributions, and Loans for details about distribution of DC and Rollover-Pre-Tax
Contribution funds, as applicable.
Public Employees Retirement Fund My Choice Plan Page 37 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020
Distribution Benefits
Option
Age and Service Requirements*
Distribution
Regular Distribution
▪ Age 62 or older
▪ At least 5 years of participation,
▪ At least $5,000 minimum balance
Full distribution as elected by the member or setting up an annuity with MetLife.
All other regular distributions
See Section 8.2, Distribution Eligibility
All other DC distributions are paid according to the Vesting Schedule section of this handbook.
Early Distribution
N/A
See Withdrawals, Distributions, and Loans for details about distribution of DC and rollover accounts.
Deferred Retirement Option Plan (DROP)
Not available for My Choice members
N/A
Disability Distribution
Must meet the SSA disability requirements
See the Disability Distribution section of this handbook for details.