INPRS members in the Public Employees’ Retirement Fund (PERF), Teachers’ Retirement Fund (TRF), or Legislators’ Defined Contribution Plan (LEDC) are able to take a withdrawal below the age of 59 ½ from their INPRS defined contribution account without penalty if the withdrawal is related to COVID-19. Active and inactive members are able to make a withdrawal in calendar year 2020. This was made allowable through Executive Order 20-21. Read the order here.
INPRS will post more details on how to make this withdrawal in the coming days. When that information is available, this FAQ will be updated.
INPRS members who are no longer working in a covered position and would have been required to receive required minimum distributions (RMDs) related to their defined contribution (formerly referred to as ASA) before passage of the CARES Act may be able to return their 2020 RMD to another qualified plan, should they not wish to accept the distribution. RMD money that was paid in 2020 must be rolled into a qualified account within 60 days of receiving the distribution. The RMD may not be returned to members’ INPRS account due to INPRS’s existing provisions.
INPRS encourages members in this situation to consult with their financial advisor for situation-specific advice.