For New Members— Protection Occupations Welcome to IPERS

Rights of Vested Members

Vesting entitles you to special rights under the plan. You become vested when you meet one of these conditions:

• You have completed 4 years of service.
• You are age 55 and making contributions to the plan.

Vesting gives you a permanent future right to an IPERS benefit, in
addition to the benefits described below.

Purchasing Service
There may be instances when you need (or want) additional service to help you increase your retirement benefits. The plan allows vested members to purchase service for a variety of reasons after meeting certain eligibility requirements.

For more information about purchasing service or free credit that can be obtained, please see the IPERS “Purchasing Service” brochure or contact IPERS.

Disability Benefits
If you receive social security disability or railroad retirement disability benefits, you may be eligible for regular disability benefits from IPERS. If you qualify for disability benefits from IPERS, your benefits can begin before the age you would normally be eligible for benefits and will not be reduced for early retirement. You may have a choice between two types of disability benefits. Contact IPERS for more information about your choices and eligibility requirements.

Death Benefits
Although you do not have to be vested to qualify for the line-of-duty death benefit payable when you die on the job, once vested, you are eligible for additional death benefits.

Portability of Benefits
If you change jobs and move to another IPERS-covered position, you can maintain your IPERS coverage. If you take a job with a non-IPERS-covered employer, you may leave your money in IPERS, roll over your IPERS account to another qualified retirement plan, or take a refund.

Access to Employer Contributions
Vested members who leave covered employment and take a refund receive a portion of the employer’s contributions made on their behalf plus interest. You are always entitled to 100 percent of your own contributions and interest earnings.

Vested members can receive benefits that are guaranteed for life. If you leave covered employment before retirement, it may not be in your best interest to take a refund of your IPERS account. By taking a lump-sum refund, you are giving up your membership rights. IPERS representatives can help you determine whether it’s in your best interest to take a distribution if you decide to leave covered employment.