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The Internal Revenue Service (IRS) generally requires that a member 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 70½ years of age, or by April 1 following the year in which you retire, whichever is later.
If you’re still working in a covered position, or for a PERF or TRF-sponsored employer through Dec. 31, you’re not required to take an RMD. When you leave employment, you will be required to take an RMD. If you do not take an RMD, you may be fined by the IRS due to a late distribution. The amount could be up to 50 percent.
Visit the IRS web site for a list of frequently asked questions (FAQs) on RMDs.
Three separate circumstances may require a member to take an RMD. Each circumstance requires a different application process.
2) You must request a distribution of your PERF or TRF Annuity Savings Account (ASA) if:
You may also request a distribution package online:
INPRS will need to receive your application by Jan. 16. If your application is not received by this date, and you will be age 70½ 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 age 70½ before submitting the PERF or TRF RMD Retirement Application or requesting an ASA distribution, failure to comply with RMD requirements may result in interest and penalties from the IRS. See 35 IAC 13-1-1 for more details on the RMD process.
Call INPRS' Customer Service Center with your concerns toll-free at (888) 286-3544. Business hours are Monday through Friday from 8 a.m. to 8 p.m. EST, or e-mail questions to firstname.lastname@example.org.