Section 35 IAC 14-7-5 - Annuity savings account contributions received by TRF subsequent to processing of retirement benefitAuthority: IC 5-10.2-2-1; IC 5-10.2-2-1.5; IC 5-10.5-4-2
Affected: IC 5-10.2-4-2
Sec. 5.
(a) Notwithstanding a member's election to receive an annuity provided by the amounts credited to the member's annuity savings account at retirement, annuity savings account contributions posted to a member's account subsequent to the final date on which the member's benefit is processed may be distributed to the member in a lump-sum payment.(b) Pursuant to IC 5-10.2-4-2(b)(2), a member electing to fully or partially annuitize his annuity savings account in contemplation of retirement will have the entire amount in his annuity savings account moved into a fixed value account, set at the same rate as the guaranteed fund. Once the annuity savings account is moved into a fixed value account in contemplation of retirement, the election cannot be changed. In addition, any annuity savings account contributions posted to a member's account subsequent to the final date on which the member's benefit is processed shall be held in a fixed value account, set at the same rate as the guaranteed fund, until such time as that amount is distributed to the member.Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-5; adopted Dec 16, 2009: 20100106-IR-550090990ONA; adopted Nov 19, 2010: 20101208-IR-550100723ONATransferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-7-4.5) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-7-5) by P.L. 23-2011, SECTION 22, effective July 1, 2011.