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Home My WebLink About1977 FUNDPUBLIC F MPLOYEES RETIREMENT FUND Dear Clerk-Treasurer, Controller or Trustee: HARRISON BUILDING 143 WEST MARKET STP~EET INDIANAPOLIS, INDIANA 46204 LOCAL 317.233.4162 TOLL FP~EE 1.888.526.1687 TDD 317.233.4160 www. perf. in.gov Enclosed are the DROP election form and instructions for members of the 1977 Fund who have at least twenty years of service and are eligible to retire with unreduced benefits. You may also wish to use this format to design forms for the local plans. In order to avoid confusion, please do not use this exact form for your local plan members or converted members. The DROP for local plan members and "convertees" will be administered by the local units, not the 1977 Fund - original copies of DROP election forms for those members should not be submitted directly to the 1977 Fund. However, you may use the 1977 Fund formats as a basis model for developing your local plan forms. The DROP election is an option only for an eligible member - it is not available for all members of the 1977 Fund or Old Funds. All eligible members should consult a financial advisor before making this election. The DROP election form for 1977 Fund 'members should be completed by any eligible member of the 1977 Fund who wishes to participate in the DROP and then forwarded directly to the 1977 Fund's office. This form should be sent to our office by the DROP election date. Please forward a copy to the Controller or Clerk-Treasurer's office and the office of your Chief. The DROP election may be made for any day of the month beginning January 1, 2003. The DROP period (the period beginning on the DROP election date and ending on the DROP retirement date) must be at least 12 months, and no more than 36 months. Currently, the law provides that the latest date an eligible member could enter the DROP is December 31, 2006 for a 12 month DROP period, with a DROP retirement of December 31, 2007. If a member's effective retirement date is other than the DROP Retirement Date chosen on this form, then the member will not have the option of choosing retirement benefits under the DROP provisions. The member cannot elect the DROP benefits at retirement, and may not make any future DROP elections. Only one election is available for the DROP program. The 1977 Fund has issued a set of "Frequently Asked Questions" about the DROP, which contains more detail about the qualification requirements and DROP benefits for 1977 Fund members. If you need any additional copies of this document, please let our office know. The "Frequently Asked Questions" about the DROP is also available on our website (www.in.gov/perf0. This election form and the instructions are available from our office for the Pension Secretaries and 1977 Fund members. The DROP form is also available on our website (www.in.gov/perf/). Please refer member · ° 2 questions to my office at 317-233-4146 or toll-free 1-888-526-1687, option #2, extension # . Thank you. IL Thomas Parker, Director 1977 Police Officers' and Firefighters' Pension and Disability Fund tparker(&perf, stateJn.us 1977 POLICE OFFICERS' AND FIREFIGHTERS' PENSION ~ DISABILITY FUND Application for Participation in the Deferred Retirement Option Plan (DROP) For 1977 Fund Members Only Instructions for Completing this Form Please Read Carefully IMPORTANT: f. Remove the form. Do not return these instructions to the 1977 Fund. 2. Please type or print. Use black ink. 3. Complete all information. Remember to put your name and Social Security Number at the top of every page. 4. Return the completed form directly to the '~ 977 Fund at the address below. Member's Social Security Number: Enter all nine digits of your Social Security Number. Your application will not be processed without this information. Date of Application: Enter the date you completed the application. Member's Name: Enter your first name, middle initial, and last name. Member's Address: Enter your full street address. City: Enter the city. State: Enter the state. ZIP Code: Enter your five or nine-digit ZIP Code. Member's Phone Number: Enter your telephone numbers, beginning with area code. Please provide separate day and evening phone numbers. E-mail address: Enter your E-mail address, if you have one. / DROP Entry Date Please enter the date as MM/DD/YYYY. You must have at least 20 years of service and be age 52 by this date. This date cannot be earlier than January 1, 2003 or later than December 31, 2006. DROP Retirement Date (Effective Date of Retirement) Please enter the date as MM/DD/YYYY. This date must be at least twelve (12) months after your DROP Entry Date, It cannot be more than thirty-six (36) months after your DROP Entry Date. It cannot be earlier than January 1,2004 or later than December 31,2007. Page 1 of 3 Important Note · You may select any day of the month as a DROP Entry Date or DROP Retirement Date. However, your DROP lump sum amount will be calculated based upon the number of completed calendar months. The length of the DROP period must be no less than twelve (12) months and no more than thirty-six (36) months. Your DROP Retirement Date is the first day your retirement benefit is effective. Your retirement is effective on the first day after your last day of employment. Please carefully choose this date. In order to be eligible to choose the DROP benefits, your employer must certify to the 1977 Fund that your last day of paid employment was the day before your DROP Retirement Date. Example 1: If you select a DROP Entry Date of March 20, 2003 and a DROP Retirement Date of March 20, 2005, your DROP lump sum will be calculated based on 24 completed months. Your DROP Retirement Date is the day after your last day of employment. In order to be eligible to choose the DROP benefit, your employer must certify that your last day of employment is March 19, 2005. Your pension will begin as soon as administratively possible and you would be paid a prorated retirement benefit for March 2005, and a full month's pension benefit in April 2005. Example 2: If you select a DROP Entry Date of March 20, 2003, and a DROP Retirement Date of March 1, 2005, your DROP lump sum will be calculated based on 23 months of time in the DROP because you will only have been in the DROP for 23 full months. In order to be eligible to choose the DROP benefit, your employer must certify that your last day of employment is February 28, 2005~ Your pension will begin as soon as administratively possible and you will be paid a full month's pension benefit for March 2005. Please read the notice that your choice of DROP Entry Date and DROP Retirement Date cannot be changed after this form is received by the 1977 Fund. Then sign and print your name acknowledging you have read and understand the notice. RETURN THE FORM TO THE 1977 FUND Once the form has been completed according to these instructions, return the form (DO NOT return the instructions) to the 1977 Fund at the following address: 1977 Police Officers' and Firefighte~rs' Fund 143 West Market Street Indianapolis, IN 46204 This appfication must be received by the 1977 Fund prior to the DROP Entry Date. MEMBER NOTE: CHANGES TO INFORMATION - IF YOU HAVE ANY CHANGES TO ANY OF THE INFORMATION ON THIS FORM SUCH AS YOUR NAME OR ADDRESS, PLEASE IMMEDIATELY NOTIFY THE 1977 FUND AT THE ADDRESS ABOVE. THIS IS TO ENSURE THAT YOU RECEIVE CORRECT AND IMPORTANT INFORMATION REGARDING YOUR BENEFITS AND TAXES. Page 2 of 3 HELPFUL INFORMATION PERF TELEPHONE NUMBERS: Indianapolis & vicinity (317) 233-4162 Toll-Free Number 1-(888) 526-1687 TDD (hearing impaired number) (317) 233-4160 FAX Number (317) 232-1614 PERF on the Internet: vvww.state.in.us/perf 1977 FUND TELEPHONE NUMBERS: (317) 233-4146 The 1977 Fund may also be reached through the PERF toll-free number, just ask the operator FAX Number (317) 234-1529 1977 FUND MEMBER HANDBOOK (latest edition) INTERNAL REVENUE SERVICE TELEPHONE NUMBERS: ToIFFree Number 1-(829) 829-1040 TDD (hearing impaired number) 1-(800)-829-4059 Tele Tax 1-(800)-829-4477 IRS PUBLICATION 575, PENSION AND ANNUITY iNFORMATION IRS PUBLICATION 590, INDIVIDUAL RETIREMENT ARRANGEMENTS IRS WEBSITE: www. irs.gov INDIANA STATE DEPARTMENT OF REVENUE (DOR) TELEPHONE NUMBERS: Indianapolis & vicinity (317) 233-4018 TDD (hearing impaired number) (317) 233-4952 Fax Number (317) 233-2329 Individual Income Tax Questions (317) 232-2240 Outside of indianapolis - See DOR Website DOR WEBSITE: www.in.gov/dor Page 3 of 3 1977 POLICE OFFICERS' AND FIREFiGHTERS' PENSION & DISABILITY FUND J Application for Participation in the Deferred Retirement Option Plan (DROP) For 1977 Fund Members Only State Form 51145 (10-02-2002) Your Social Security Number is requested by this agency in accordance with the requirements of the Internal Revenue Code. Disclosure is mandatory and this form will not be processed without this information, INSTRUCTIONS: f. Please TYPE or PRINT. Use black ink. 2. Complete all information. Remember to put your name and Social Security Number at the top of every page. 3. Retum the completed form directly to the 1977 Fund. Do Not return the instruction pages. ;ocial Security Number :irst Name MI Last Name Address City ~tate Day Phone ---mail Address ~vening Phone Zip Code DROP Entry Date (Must have 20 years and service and be age 52 by this date) ' DROP Retirement Date (Effective Date of Retirement) (Must be 12 - 36 months after the DROP Entry Date) I elect the above dates for participation in the Deferred Retirement Option Plan (DROP). I understand that in order to remain eligible for DROP benefits upon retirement, my choice of dates for entry and retirement under the DROP cannot be changed after this form is received by the 1977 Fund, and by signing below I acknowledge that I have read and understand this statement. Member Signature Printed Name Return this form to: 1977 Police Officers' and Firefighters' Fund 143 West Market Street Suite 400 Indianapolis, IN 46204