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Taking Your Defined Contribution (DC) Account

How do I get a distribution from PERF?

You may only get a distribution, that is, withdraw the balance of your Defined Contribution (DC) account (in the form of a distribution or rollover to another qualified retirement plan) if you are no longer employed in a PERF-covered position. You cannot take money out of PERF as long as you continue your employment with a PERF-covered employer.

You may withdraw the amount in your DC if you:

  • have terminated your employment and have not been rehired into another covered position within 30 days
  • are not eligible for an unreduced retirement benefit from PERF

If you are eligible for an unreduced pension benefit, you must begin your retirement benefit in order to withdraw your DC.  

DC distributions consist of:

  • the 3 percent mandatory contributions made either by you or by your employer on your behalf;
  • any voluntary contributions (if applicable); and,
  • all accumulated interest and earnings credited to your account.

If you receive the money directly, rather than rolling it into another tax-deferred account, the total amount paid to you will be reduced by:

  • 20 percent federal withholding, and, optionally, state withholding.

To initiate a request for a distribution, you can log in to your INPRS online account. You may also call (844) GO-INPRS to initiate a distribution request by phone with a customer service representative.

The distribution is of the amount in your DC. There are no distribution provisions for the PERF defined benefit (pension) because that money belongs to your employer until you become eligible to receive a retirement benefit from PERF.

There are a variety of payment options when withdrawing your DC.

Separation from employment

Except under limited circumstances, PERF does not permit an in-service distribution. Therefore, PERF is prohibited from making distributions from the fund, including the DC, prior to a member’s separation from employment.

You should not apply for a distribution if you intend to move from one position to another within a participating employer. A true separation from service only occurs if you leave PERF-covered employment and do not return to employment with ANY participating employer within 30 days from your date of termination. If you continue uninterrupted employment in any capacity (full-time or part-time) in any agency or department of your current employer – regardless of whether your new position is a covered position or not – you will not be considered separated from employment. A PERF member's application for retirement benefits is also void if the member has an agreement, formal or informal, prior to their retirement, with a covered employer to become re-employed in a covered position.

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