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The Internal Revenue Service (IRS) generally requires that a participant with an interest in a retirement benefit must take a Required Minimum Distribution (RMD) from that benefit. This must be done by April 1 of the calendar year following the year in which you attain 70 ½ years of age or by April 1 following the year in which you retire, whichever is later.
If you are still working in a covered position, or for a PERF or TRF-sponsored employer through Dec. 31, you are not required to take an RMD. When you leave employment, you will be required to take an RMD or you may be subject to a 50 percent penalty by the IRS due to a late distribution.
Visit the IRS Web site at http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions for a list of frequently asked questions (FAQs) regarding RMDs.
There are three separate circumstances where a member may need to apply for an RMD. Each circumstance requires a different application process, as stated below.
2) You must request a distribution of your PERF or TRF Annuity Savings Account (ASA) if:
Request an ASA distribution from INPRS' Customer Service Center by calling (888) 526-1687 for PERF or (888) 286-3544 for TRF. The application must be completed and mailed back to INPRS.
You may also request a distribution package online:
Go to http://www.inprs.in.gov/, click "Member Login" and log in to your account, Click on "Actions" and "Request a Final Distribution" to have a package mailed to you.
If INPRS does not receive your application by Jan. 17, and you will be age 70 ½ by Dec. 31, you will be subject to a mandatory distribution of any retirement and/or ASA funds to which you are entitled. The distribution cannot be reversed once it is processed.
If you have reached the age requirement of 70 ½ before submitting the PERF or TRF RMD Retirement Application or requesting an ASA distribution, failure to comply with RMD requirements may result in IRS imposed interest and penalties. Please see 35 IAC 13-1-1 for more detailed information regarding the RMD process.
Contact INPRS' Customer Service Center toll-free at (888) 526-1687 for PERF or (888) 286-3544 for TRF with your concerns. Business hours are Monday through Friday from 8 a.m. to 8 p.m. EST, or e-mail questions to firstname.lastname@example.org.