When you leave PERA-covered employment, you have several choices regarding the money in your PERA DC Plan account:*

• Leave the money in the Plan (you must start taking distributions by April 1 of the year following the year you turn age 72).
• Request installment payments.
• Roll over the balance to another qualified plan, 403(b) plan, governmental 457 plan, or an IRA.**
• Take the money in cash, called a lump-sum distribution.

Distribution choices and rules are complicated. Voya Financial Advisors' Retirement Consultants*** are available to help you develop a strategy that makes sense for you, including understanding your options, at no cost and with no obligation. Simply call 1-800-759-7372 and select the DC option.

For lump-sum withdrawals you can elect to have your distribution rolled over to a qualified plan, 403(b) plan, 457 plan, or IRA (if the plan accepts rollover money from other plans). If you elect a direct rollover to a traditional IRA, you will not owe federal income taxes on your distribution in the year it is paid. If you elect a direct rollover to a Roth IRA, the amount of the rollover will be included in your taxable income for that year. PERA will not withhold any amounts for this tax liability. If you do not elect a direct rollover, 20 percent of your distribution will be withheld for federal taxes. Prior to rolling money over, you may want to confirm with the plan receiving the money of any changes that may affect the distribution options of the rolled in-money.

Note: Periodic payments of 10 years or more are not eligible for rollover.

Terminated partial withdrawals can be taken by participants who have terminated PERA-covered employment, retired, or are on a PERA disability retirement. There is no minimum withdrawal amount.

You may transfer plan funds to purchase or reinstate service credit before you terminate employment from a PERA employer. Contact PERA for more information.

* Distributions from the Plan will be subject to 20 percent federal tax withholding and, if you are less than age 59½, a 10 percent early withdrawal penalty may apply. Ordinary income taxes may apply. State and local taxes and withholding may also apply. The rules governing distribution provisions in PERA’s Defined Contribution Plan may be different than the distribution provision rules in other plans.

** Depends upon if the plan receiving the money allows rollover money into the plan.

*** Retirement Consultants are registered representatives of Voya Financial Advisors, Inc. (Member SIPC).