5-10.3-12-24.7. Political Subdivision Contributions; Members of a Volunteer Fire Department
Sec. 24.7. (a) This section applies to a participating political subdivision’s contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual’s service with a volunteer fire department. (b) The governing body of a participating political subdivision shall determine the participating political subdivision’s contribution to the plan for individuals described […]
5-10.3-12-25. Member Contributions Belong to Member; Vesting Schedule for Employer Contributions; Forfeiture of Amounts Not Vested
Sec. 25. (a) Member contributions and net earnings on the member contributions in the member contribution subaccount belong to the member at all times and do not belong to any employer. (b) A member is vested in the employer contribution subaccount in accordance with the following schedule: Years of participation in the Vested percentage of […]
5-10.3-12-26. Member Accounts; Withdrawals; Forms of Payment
Sec. 26. (a) After December 31, 2020, subject to the provisions of the Internal Revenue Code applicable to qualified plan distributions, a member who terminates service in a covered position is entitled to withdraw all or part of the amounts in the member’s account to the extent the member is vested in the account. A […]
5-10.3-12-27. Member Accounts; Beneficiary or Survivor Withdrawals; Forms of Payment
Sec. 27. (a) If a member dies: (1) while in service in a position covered by the plan but not in the line of duty; or (2) after terminating service in a position covered by the plan but before withdrawing the member’s account; to the extent that the member is vested, the member’s account shall […]
5-10.3-12-28. Plan Exempt From Legal Process; Assignment of Payments
Sec. 28. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process. (b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the following: (1) Premiums on a life, hospitalization, surgical, or medical group insurance plan maintained in part by a state […]
5-10.3-12-29. Rollover Contributions; Rollover Accounts
Sec. 29. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations and guidance, the plan may accept, on behalf of any member, a rollover distribution from any of the following: (1) A qualified plan described in Section 401(a) or Section 403(a) of the Internal Revenue Code. (2) An annuity contract […]
5-10.3-12-30. Member Accounts; Disability Withdrawals; Forms of Payment
Sec. 30. (a) If a member becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member’s qualification for Social Security disability benefits to the board, to the extent that the member is vested, the member may make a full or […]
5-10.3-12-31. Effect of Reemployment on Plan Participation
Sec. 31. (a) If a member of the plan separates from employment with the member’s employer and later begins employment with the same or a different employer in a position covered by the plan: (1) the member resumes the member’s participation in the plan; and (2) the member is entitled to receive credit for the […]
5-10.3-12-32. Election by State or Participating Political Subdivision to Allow Plan Participation by Retired Reemployed Fund Members
Sec. 32. (a) Notwithstanding section 20 and section 31(b) of this chapter, the state may elect to allow an individual who meets the following conditions to begin or resume membership in the plan for a period of reemployment with the state on the later of the date the board receives notice that the state has […]
5-10.3-12-20.3. Election During July 2016, by First Time State Employee Who Is Fund Member
Sec. 20.3. (a) This section applies to an individual who: (1) is an employee of the state on July 1, 2016; (2) became for the first time, after January 1, 2013, a full-time employee of the state in a position that is eligible for membership in the fund under IC 5-10.3-7; and (3) is a […]