When you leave PERA-covered employment, you have several choices regarding the money in your 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.
• 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. Call 1-800-759-7372 and select the PERAPlus option.

Lump-Sum Distributions
For lump-sum distributions (including in-service withdrawals or periodic payments over a time period of less than 10 years), you can elect to have your pre-tax funds rolled over to a qualified plan, 457(b) plan, 403(b) plan, or IRA (if the plan accepts rollover money from other plans) and Roth funds rolled over to a Roth IRA, or Roth accounts in 401(k), 403(b), or governmental 457(b) plans (if the plan accepts rollover money from other plans).

If you elect a direct rollover of pre-tax funds 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 of pre-tax funds 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 pre-tax funds to purchase or reinstate service credit before you terminate employment from a PERA employer. Contact PERA for more information.

Note: Pre-tax distributions from the Plan may be subject to federal tax withholding. Ordinary income taxes may apply. The rules governing distribution provisions in the PERAPlus 457 Plan may be different than the distribution provisions in other plans.

Note: There is a 30-day waiting period following your date of termination/retirement before you may elect to withdraw funds from your account. To update your date of termination/retirement, please refer to the Participant Termination Notification Form located under the Forms section.

* Ordinary income taxes may apply. State and local taxes and withholding may also apply. Withdrawals from the 457 Roth account are tax free as long it is a qualified distribution.

** If the plan receiving the money allows rollover money into the plan.

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