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If your vested account balance is less than $1,000 and you have more than one year of participation, the account will follow the 20-year suspendable account process. If you have more than $1,000 or more than one year of service, your account balance will remain in the ASA Only plan. This is applicable until you elect a final distribution, partial withdrawal, or a minimum distribution payment is required. Or your account balance falls below the required minimum balance to remain in the plan.
Your distribution options = with vested balances include: a lump sum (with or without a rollover), direct rollover to another eligible plan, or a monthly annuity if you are age 62 with five years of participation and have an account balance of at least $15,000.
Full vesting of 100 percent occurs at termination for normal retirement age (age 62 + five years of participation) and death of a member in the line of duty.
All credit for years of participation is subject to final certification at retirement.
Your last day in pay status is generally the date most people think of as the day they “retire.” INPRS uses an “effective date” for retirement. The effective date of your retirement can be no earlier than the first day of the month following your last day in pay status.
|EXAMPLE: Your last day in pay status is Aug. 2. Your effective date of retirement is Sept. 1.|
If you have met age and years of participation requirements and have at least $15,000 in your ASA Only account balance, you may annuitize your ASA. Your rollover account 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 ASA funds when you retire from PERF or defer distribution to a later date.
If you elect to withdraw your ASA at retirement, the balance will remain invested based on your pre-retirement investment allocations until INPRS processes your distribution.
If you decide to annuitize your ASA, the balance will be placed into a fixed value account. This happens no more than 30 days prior to processing your retirement application or your retirement date.
Any trailing contributions and amounts remaining in your account following any cancellation of the annuity will be moved to the PERF Money Market Fund. You may also reallocate your money to any of the available investment options under the plan.