Page 38 - Public Employees Retirement Fund My Choice Plan Member Handbook for Local Government Employees

Distribution Benefits
8.5.3 Deferred Retirement Option Plan (DROP)
The Deferred Retirement Option Plan (DROP) is not offered to PERF My Choice: Retirement Savings Plan
members.
8.5.4 Disability Distribution
As a PERF My Choice Plan member you are eligible to apply for disability distribution if you satisfy the
eligibility criteria.
Disability Eligibility
To apply for disability while a member of the PERF My Choice: Retirement Savings Plan you must satisfy the following criteria. INPRS considers your onset date to have occurred while serving in a covered position if the onset date is while you were:
▪ receivingsalary(youronsetdatemustbepriortoyourlastpaycheckdate); ▪ receiving employer-provided income protection benefits;
▪ on leave under the FMLA; or
▪ off work receiving worker’s compensation benefits
There is no minimum amount of service required to receive disability benefits from INPRS. If you become disabled, you can withdraw the vested portion of your assets in the Plan.
Contact INPRS if you have any questions about establishing eligibility for disability benefits.
Disability Withdrawal
If you have met the Social Security Administration (SSA) disability requirement, you may request a distribution online at myINPRSretirement.org or speak to a CSR.
If you are disabled, to the extent you are vested (see the Vesting Schedule), you are eligible to take a full or partial withdrawal paid in a lump sum, a direct rollover to an eligible retirement plan, or as an annuity (MetLife or other qualified annuity plan). For the MetLife annuity you must have a minimum of $5,000 DC and Rollover Pre-Tax Contributions combined.
You can submit your distribution elections using the online retirement application by accessing your account at myINPRSretirement.org.
8.6 My Choice Plan Distribution Payment Options
If you elect to withdraw the DC and Rollover-Pre-Tax Contribution funds, as applicable, the balance will remain invested based on your current investment allocations until INPRS processes the distribution.
If you decide to annuitize the DC and Rollover-Pre-Tax Contribution funds, as applicable, the balance will remain in the investments you have chosen; however, depending on your current investment allocations, you may want to consider reallocating it to lower risk alternative investments.
Public Employees Retirement Fund My Choice Plan Page 38 of 50 Member Handbook for Local Government Employees
Effective: 07/01/2020
NOTE: INPRS cannot process your disability application without a copy of your Social Security award letter with the onset date.