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If you are a member of the ASA Only plan, the beneficiary designated at the time you apply for a retirement distribution will receive your ASA balance. It includes the fixed 3 percent contributions, any rollover savings account contributions and the vested portion of the variable rate contributions (employer share).
Once you have named a beneficiary or beneficiaries on your retirement application and processing is completed, you can change that designation only in limited circumstances. You may change your beneficiary or form of benefit after retirement due to divorce unless it is prohibited in the divorce decree or property settlement agreement. This event has been added to the limited number of circumstances under which a beneficiary may be changed after retirement.
*Failure to inform PERF of beneficiary changes prior to retirement could result in payment being made to a previously named beneficiary who is no longer your choice to receive your ASA Only balance upon your death. For beneficiary changes, please complete the Application for Change of Beneficiary and mail or fax to INPRS, or make the change via PERF Online.
Indiana law prevents you or your beneficiary from assigning your PERF benefits. A divorce decree which requires PERF to pay anyone other than you or your legal beneficiary cannot be honored. In order to be consistent with the laws governing PERF and Indiana’s domestic relations laws, a divorce decree involving your benefits should order you (or your legal beneficiary thereof) to make payments to your ex-spouse. State law also prohibits garnishments for child support payments.
*You may change your beneficiary or form of benefit after retirement due to divorce unless it is prohibited in the divorce decree or property settlement agreement. This event has been added to the limited number of circumstances under which a beneficiary may be changed after retirement.
QDROs do not apply to PERF. As a product of federal legislation, which normally supersedes state law, they do not apply to PERF as it is a governmental plan exempt from the QDRO requirements. Under state law, benefits, distributions of contributions, and money in the fund are exempt from any legal process.