5-10.4-8-13. Member Death; Payment to Beneficiaries
Sec. 13. (a) If a member dies: (1) while in service in a position covered by the plan; 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 be paid to the beneficiary or beneficiaries […]
5-10.4-8-14. Assets of Plan Exempt From Levy, Sale, Garnishment, Attachment, or Other Legal Process; Limited Assignment by Member
Sec. 14. (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 […]
5-10.4-8-15. Rollovers
Sec. 15. (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 […]
5-10.4-8-1. Application to Employees
Sec. 1. (a) Except as provided in subsection (b), this chapter applies after the effective date of the plan to an individual who: (1) begins employment with a school corporation in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4; and (2) makes an election described in section […]
5-10.4-8-2. Definitions
Sec. 2. The following definitions apply throughout this chapter: (1) “Account” means the plan account established for a member under section 7(b) of this chapter. (2) “Annuity savings account” means the annuity savings account of the 1996 account maintained under IC 5-10.2-2-2(b)(2) and IC 5-10.2-2-2(c)(1). (3) “Compensation” has the meaning set forth in IC 5-10.2-3-2(a). […]
5-10.4-8-3. Application of Annuity Savings Account Provisions; Irs Approval
Sec. 3. Except as otherwise provided in this chapter or by federal law, and subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the provisions of this article that apply to the annuity savings account apply to an account established under this chapter. As added […]
5-10.4-8-4. Teacher’s Defined Contribution Plan Established
Sec. 4. (a) The teachers’ defined contribution plan is established for the purpose of providing amounts funded by an employer and a member for the use of the member or the member’s beneficiaries or survivors after the member’s retirement. (b) The board shall adopt provisions to implement the plan established under subsection (a) as follows: […]