Section 35 IAC 14-7-7 - Required minimum distribution procedureAuthority: IC 5-10.2-2-1; IC 5-10.2-2-1.5; IC 5-10.4-3-9; IC 5-10.5-4-2
Affected: IC 5-10.2-4-2; IC 5-10.2-4-7
Sec. 7.
(a) Distribution of each member's entire interest must begin by April 1 of the calendar year following the later of:(1) the calendar year in which the member attains age seventy and one-half (70 1/2); or(2) the calendar year in which the member retires (the required beginning date).(b) If a nonvested member or a retired member who deferred withdrawal of his or her ASA reaches the required beginning date without taking an ASA distribution, they will be subject to a mandatory lump-sum distribution of their account less any monies owed for taxes and/or penalties.(c) If a vested member has not started receiving his or her monthly pension benefit by the required beginning date, the member's account will be automatically processed utilizing the five (5) year guarantee as described in IC 5-10.2-4-7(b) and annuitizing any available ASA monies.(d) TRF will attempt to notify members of a potential required minimum distribution prior to the member's required beginning date if TRF is able to locate a current valid address for the member utilizing an existing locator service. If TRF is unable to locate a current valid address for a member who has not taken a distribution from their pension and/or ASA by the required beginning date, no such distribution shall be made until the member is located. Once a valid address is located, distributions will proceed as set forth in subsections (b) and (c), less any withholdings or penalties owed.Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-7; adopted Dec 16, 2009: 20100106-IR-550090990ONATransferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-7-5.5) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-7-7) by P.L. 23-2011, SECTION 22, effective July 1, 2011.