reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-4.1. Crediting Interest and Omitted Contributions After December 31, 2016

Sec. 4.1. (a) This section applies only after December 31, 2016.
(b) Except as provided in subsection (e), the market value of the stable value fund program shall be allocated at least annually to the members participating in that program.
(c) Except as provided in subsection (e), the market value of each alternative investment program shall be allocated at least annually to the members participating in that program.
(d) Contributions to the stable value fund program and the alternative investment programs shall be invested as of the last day of the quarter in which the contributions are received or at an alternate time established by the rules of the board.
(e) This subsection applies whenever the board is required to establish an earnings rate in order to credit earnings to an omitted contribution to a member's annuity savings account. As used in this subsection, "omitted contribution" means a contribution contributed by or on behalf of a member under IC 5-10.3-7-9 or IC 5-10.4-4-11 that is received by the board after the time required by IC 5-10.3-7-12.5 or IC 5-10.4-7-6(b)(1). Notwithstanding any law to the contrary, the board may by rule specify:
(1) a single composite earnings rate for the gain or loss in market value for the stable value fund program for the purpose of computing the gain or loss in market value on a member's contributions (including omitted contributions) in the stable value fund program; and
(2) a single composite earnings rate for the gain or loss in market value for each alternative investment program and the period to which the rate applies for the purpose of computing the gain or loss in market value on a member's contributions (including omitted contributions) in the alternate investment program.
As added by P.L.193-2016, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-6. Retirement Allowance Accounts

Sec. 6. (a) The retirement allowance account of the public employees' retirement fund consists of the retirement fund, exclusive of the annuity savings account and the supplemental allowance reserve account. The retirement allowance account also includes any amounts received under IC 5-10.3-12-24 or IC 5-10.3-12-24.5. For the public employees' retirement fund, separate accounts within the retirement allowance account shall be maintained for contributions made by each contribution rate group.
(b) The retirement allowance account of the pre-1996 account consists of the pre-1996 account, exclusive of the annuity savings account and the supplemental allowance reserve account.
(c) The retirement allowance account of the 1996 account consists of the 1996 account, exclusive of the annuity savings account and the supplemental allowance reserve account.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.55-1989, SEC.10; P.L.54-1993, SEC.7; P.L.13-2011, SEC.3; P.L.22-2011, SEC.1; P.L.23-2011, SEC.9; P.L.6-2012, SEC.28; P.L.35-2012, SEC.34; P.L.241-2015, SEC.3; P.L.127-2018, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-7. Transfer of Accounts

Sec. 7. (a) When a member retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits and if the member or survivor chooses to receive an annuity from the fund, the annuity savings account shall be charged with the amount credited to him in the account. This amount shall be credited to the retirement allowance account, and the annuity shall be paid from this account.
(b) When:
(1) a member of the public employees' retirement fund who is an employee of a participating political subdivision; or
(2) a member of the Indiana state teachers' retirement fund who is covered by the 1996 account and is an employee of a school corporation or other institution;
retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits, the political subdivision's, school corporation's, or other institution's account in the retirement allowance account shall be charged with an amount equal to the actuarial reserve of the member's retirement pension or the survivor benefit. The amount charged shall be credited to the retirement allowance account, and the retirement pension or survivor benefit shall be paid from this account.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.35-1985, SEC.6; P.L.54-1993, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-8. Payment and Computation of Benefits for Combined Creditable Service

Sec. 8. (a) For a member who retires after June 30, 2008, with service in more than one (1) retirement fund, the member may choose at the time the member files an application for retirement benefits whether to retire from the Indiana state teachers' retirement fund or from the public employees' retirement fund. The fund that the member chooses shall pay the pension benefit to the member. The pension shall be computed and vested status shall be determined on the basis of combined creditable service. The annuity, if any, shall be computed on the basis of the amounts credited to the member in annuity savings accounts in all funds minus any amount withdrawn by the member under IC 5-10.2-3-6.5 and any amounts credited to the member in annuity savings accounts in all funds that the member elects to retain in the annuity savings accounts. The funds in which the employee was a member shall pay to the fund responsible for payment of benefits the proportionate actuarial cost of the member's pension.
(b) A member of the Indiana state teachers' retirement fund who has served as a member of the general assembly and who retires after June 30, 1980, may choose at the member's retirement date whether to retire from the Indiana state teachers' retirement fund or from the public employees' retirement fund. If the member chooses to retire from the public employees' retirement fund, that fund is responsible for the payment of benefits provided in IC 5-10.2-4, and the Indiana state teachers' retirement fund shall pay to the public employees' retirement fund the proportionate actuarial cost of the member's pension.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1980, P.L.28, SEC.2; P.L.35-1985, SEC.7; P.L.115-2008, SEC.5; P.L.40-2017, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-9. Actuarial Investigation and Valuation

Sec. 9. (a) The funds may employ a common actuary or actuarial service.
(b) At least once in every five (5) years and in every year in which this article is amended so that benefits are changed, the actuary shall make a separate actuarial investigation for each fund of the mortality, service, and compensation experience of the members and their beneficiaries and shall make a valuation of the assets and liabilities of the fund, using the "entry-age normal cost" method.
(c) The actuarial investigation must include in the determination of the liability and the rates of contribution the amount necessary to fully fund past and estimated future cost of living increases for members of the public employees' retirement fund amortized over a term determined by the board that does not exceed thirty (30) years.
(d) After June 30, 2018, the actuarial valuation must:
(1) segregate any amounts attributable to estimated future postretirement benefit increases, thirteenth checks, or other benefit changes or adjustments granted by the general assembly after June 30, 2018, to members of the public employees' retirement fund or the Indiana state teachers' retirement fund; and
(2) track separately the following:
(A) The liability associated with the postretirement benefit increase assumption used in the actuarial valuation.
(B) The specific assets used to fund postretirement benefit increases.
(C) The granted use of the postretirement benefit increase funds, including related experience gains and losses.
(e) The actuary performing the actuarial valuation shall, upon the board's request, provide a summary of potential postretirement benefit increase options and the related estimated costs of each option.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.54-1993, SEC.9; P.L.246-2005, SEC.48; P.L.111-2015, SEC.2; P.L.127-2018, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-10. Mortality Tables

Sec. 10. Based on the actuarial investigation and valuation in section 9 of this chapter, the board shall adopt mortality, service, and such other tables as the board considers necessary for the implementation of this article. The board shall adopt a single mortality table for both men and women that reasonably reflects each fund's mortality experience.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.55-1989, SEC.11; P.L.35-2012, SEC.35.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-11. Contribution Rate Determination; Contribution Rate Groups; Supplemental Contributions; Contributions and Contribution Rates Report

Sec. 11. (a) Based on the actuarial investigation and valuation in section 9 of this chapter, the board shall determine:
(1) the normal contribution for each contribution rate group, which is the amount necessary to fund the pension portion of the retirement benefit;
(2) the rate of normal contribution;
(3) the unfunded accrued liability of the public employees' retirement fund, the pre-1996 account, and the 1996 account, which is the excess of total accrued liability over the fund's or account's total assets, respectively; and
(4) the period, which must be thirty (30) years or a shorter period, necessary to amortize the unfunded accrued liability determined in subdivision (3).
(b) Based on the information in subsection (a), the board may determine, in its sole discretion, contributions and contribution rates for individual employers or for a group of employers. However, after June 30, 2018, the board shall segregate from its determination of contributions and contribution rates any amounts attributable to estimated future postretirement benefit increases, thirteenth checks, or other benefit changes or adjustments granted by the general assembly after June 30, 2018.
(c) The board shall require an employer to make a supplemental contribution to the fund in addition to the amounts described in subsection (a)(3) and (a)(4) in an amount necessary to pay the employer's share of the fund's actuarial unfunded liability that other employers would otherwise be required to pay because the employer's employees are becoming members of the plan under IC 5-10.3-12 or IC 5-10.4-8 instead of the fund. The amount necessary to pay an employer's contribution under this subsection in full must be made in a lump sum or in a series of payments determined by the board.
(d) The board's determinations under subsection (a):
(1) are subject to sections 1.5 and 11.5 of this chapter; and
(2) may not include an amount for a retired member for whom the employer may not make contributions during the member's period of reemployment as provided under IC 5-10.2-4-8(e).
(e) If the board determines contributions and contribution rates for one (1) or more employers under this section differ from the contributions and contribution rates determined by the actuarial investigation under section 9 of this chapter, the board shall notify the interim study committee for pension management oversight of this fact by reporting the board's action to the legislative services agency in an electronic format under IC 5-14-6.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.55-1989, SEC.12; P.L.54-1993, SEC.10; P.L.246-2005, SEC.49; P.L.72-2007, SEC.1; P.L.1-2009, SEC.16; P.L.182-2009(ss), SEC.70; P.L.23-2011, SEC.10; P.L.35-2012, SEC.36; P.L.195-2013, SEC.2; P.L.241-2015, SEC.4; P.L.217-2017, SEC.56; P.L.127-2018, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-11.5. Employer Contribution Rates for Vincennes University

Sec. 11.5. (a) As used in this section, "Vincennes University" refers to the state educational institution established under IC 21-25-2.
(b) Notwithstanding section 11 of this chapter or any other law, Vincennes University is not required to make employer contributions to the Indiana state teachers' retirement fund at any time for the employment during the period July 1, 2001, through June 30, 2009, of Vincennes University's employees who are members of the Indiana state teachers' retirement fund and are covered by the Indiana state teachers' retirement fund pre-1996 account.
(c) This subsection applies to employer contributions made by Vincennes University to the Indiana state teachers' retirement fund on account of the employment after June 30, 2009, of Vincennes University's employees who are members of the Indiana state teachers' retirement fund and are covered by the Indiana state teachers' retirement fund pre-1996 account. Notwithstanding section 11 of this chapter or any other law, Vincennes University is required to pay only the following employer contributions to the Indiana state teachers' retirement fund for those employees for the specified years:
(1) For the year beginning July 1, 2009, fifteen percent (15%) of the employer contribution otherwise determined for Vincennes University.
(2) For the year beginning July 1, 2010, twenty percent (20%) of the employer contribution otherwise determined for Vincennes University.
(3) For the year beginning July 1, 2011, twenty-five percent (25%) of the employer contribution otherwise determined for Vincennes University.
(4) For the year beginning July 1, 2012, thirty-five percent (35%) of the employer contribution otherwise determined for Vincennes University.
(5) For the year beginning July 1, 2013, fifty percent (50%) of the employer contribution otherwise determined for Vincennes University.
(6) For the year beginning July 1, 2014, seventy-five percent (75%) of the employer contribution otherwise determined for Vincennes University.
(7) For each year beginning after June 30, 2015, one hundred percent (100%) of the employer contribution otherwise determined for Vincennes University.
Payments made according to this subsection shall be considered payment in full of employer contributions.
As added by P.L.182-2009(ss), SEC.71.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-12. State Appropriation

Sec. 12. (a) The general assembly shall appropriate biennially for each fund covered by this article that satisfies the conditions of section 1.5 of this chapter the sum of the following:
(1) the state's normal contribution for its employees to the public employees' retirement fund, the pre-1996 account, and the 1996 account, as determined in section 11 of this chapter;
(2) at least the anticipated increase in the state's unfunded accrued liability in each fund, other than the pre-1996 account, as estimated by the board under the procedures specified in section 11 of this chapter; and
(3) the state's obligation as estimated by the board for disability benefits and benefits payable under retirement fund laws in effect before April 1, 1955.
The request for this sum for each fund shall be submitted to the budget agency as one (1) item for each fund. The board shall submit to the agency its actuarial investigation and valuation and any other actuarial information to support the request.
(b) The biennial appropriation specified in subsection (a) of this section shall be paid annually to each fund covered by this article that satisfies the conditions of section 1.5 of this chapter in equal installments in July of each year of the biennium.
(c) The biennial appropriation under this section shall be deposited in the trust of each fund and used only as provided in section 1.5 of this chapter.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.54-1993, SEC.11; P.L.119-2000, SEC.3; P.L.35-2012, SEC.37.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-12.5. Submission of Contributions, Records, and Reports Electronically

Sec. 12.5. (a) This section applies to reports, records, and contributions submitted after December 31, 2009, by an employer.
(b) As used in this section, "electronic funds transfer" has the meaning set forth in IC 4-8.1-2-7(f).
(c) Except as provided in subsection (e), an employer shall submit through the use of electronic funds transfer:
(1) the employer contributions determined under sections 11 and 11.5 of this chapter; and
(2) contributions paid by or on behalf of a member under IC 5-10.3-7-9 or IC 5-10.4-4-11.
(d) Except as provided in subsection (e), an employer shall submit in a uniform format through a secure connection over the Internet or through other electronic means specified by the board the reports and records described in:
(1) IC 5-10.3-7-12.5, for the public employees' retirement fund; or
(2) IC 5-10.4-7-6, for the Indiana state teachers' retirement fund.
(e) An employer that is unable to comply with either subsection (c) or (d), or both, may request that the board grant a waiver of the requirement of subsection (c) or (d), or both. The employer must:
(1) state the reason for requesting the waiver;
(2) provide a date, not to exceed two (2) years from the date the employer is first subject to either the electronic funds transfer requirement or the electronic reporting requirement of this section, by which the employer agrees to comply with the requirement of subsection (c) or (d), or both; and
(3) sign and verify the waiver form.
(f) The board may:
(1) grant the employer's request for a waiver; and
(2) specify the date by which the employer is required to comply with the electronic funds transfer requirement or the electronic reporting requirement, or both.
(g) The board shall establish a waiver form consistent with this section.
(h) The board may establish or amend its rules or policies as necessary to administer this section.
As added by P.L.165-2009, SEC.4. Amended by P.L.182-2009(ss), SEC.72.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-13. Custodial Agreements for Securities; Servicing of Mortgages; Securities Lending Program

Sec. 13. (a) The board may enter into a custodial agreement with a trust company or state or national bank to provide for the custody and servicing of the securities and other investments under the control of the board.
(b) The agreement may contain such terms as the board considers desirable including:
(1) the custody, safeguarding or indemnity, servicing, handling and delivery of the securities and other investments; and
(2) the payment of taxes, fees of the custodian, and other expenses and payments required in connection with the securities and investments.
(c) Any person, firm, limited liability company, or corporation authorized to service mortgage loans guaranteed by the federal housing administration may be authorized by the board to service a mortgage loan held by the fund.
(d) The board may authorize its custodian to enter into a securities lending program agreement, under which the securities held by each fund may be loaned in order to provide revenue to the fund. Such an agreement must require that collateral be pledged in excess of the total market value of the loaned securities.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1980, P.L.28, SEC.3; P.L.8-1993, SEC.55; P.L.35-2012, SEC.38.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-14. Transfer of Benefits to Financial Institutions; Rollover

Sec. 14. (a) Upon written authorization of a retired member or a retired member's survivor or beneficiary, each fund may satisfy a claim for benefits by directly depositing the amount of the benefits payable to the retired member's or the survivor's or beneficiary's account in any state or federal chartered financial institution (as defined in IC 28-1-1-3(1)).
(b) All forms and accounting procedures for implementing subsection (a) must be approved by the state board of accounts, and any contract or agreement between a fund and a state or federal chartered financial institution (as defined in IC 28-1-1-3(1)) must be approved by the attorney general and the governor.
(c) Notwithstanding any other provision of the retirement fund law, to the extent required by Internal Revenue Code Section 401(a)(31), as added by the Unemployment Compensation Amendments of 1992 (P.L.102-318), and any amendments and regulations related to Section 401(a)(31), each retirement fund shall allow participants and qualified beneficiaries to elect a direct rollover of eligible distributions to another eligible retirement plan.
As added by Acts 1979, P.L.35, SEC.1. Amended by P.L.10-1993, SEC.3; P.L.42-1993, SEC.2; P.L.1-1994, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-15. Repealed

As added by P.L.55-1993, SEC.1. Amended by P.L.5-1997, SEC.2. Repealed by P.L.1-2002, SEC.172.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-17. Repealed

As added by P.L.246-2001, SEC.3. Amended by P.L.2-2006, SEC.22. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-22. Retirement Plans Offered by Miscellaneous Participating Entity That Withdraws From or Freezes Participation in Public Employees' Retirement Fund

Sec. 22. (a) This section applies to a miscellaneous participating entity that:
(1) either:
(A) withdraws from the public employees' retirement fund under section 20 of this chapter; or
(B) freezes its participation in the public employees' retirement fund as described in section 21 of this chapter; and
(2) chooses thereafter to offer a retirement plan to its employees.
(b) Except as provided in subsection (c), a miscellaneous participating entity to which this section applies may offer a retirement plan to its employees only by participating in the defined contribution plan under IC 5-10.3-12.
(c) If, on July 1, 2015, a miscellaneous participating entity to which this section applies has established or is otherwise participating in a defined contribution plan other than the defined contribution plan under IC 5-10.3-12, the miscellaneous participating entity may continue to participate in the defined contribution plan in which the miscellaneous participating entity participated on July 1, 2015.
As added by P.L.241-2015, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-23. Election or Discretionary Action by Branch of State Government

Sec. 23. If any provision of this article, IC 5-10.3, or IC 5-10.4 allows the state as an employer to make an election or take discretionary action, the election or discretionary action shall be taken by the following entities, as applicable:
(1) The governor, if the election or discretionary action involves an elected officer, appointed officer, or employee of the executive branch.
(2) The legislative council, if the election or discretionary action involves a senator, a representative, or an employee of the legislative branch.
(3) The chief justice of the supreme court, if the election or discretionary action involves:
(A) a justice;
(B) a judge;
(C) a prosecuting attorney;
(D) an officer paid by the state under IC 33-23-5-10, IC 33-38-5-7, or IC 33-39-6-2; or
(E) an employee of the judicial branch of state government.
As added by P.L.241-2015, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 2. The Retirement Funds › 5-10.2-2-24. Transition From Guaranteed Program to Stable Value Fund Program

Sec. 24. (a) After December 31, 2016, a member may not make contributions to the guaranteed program.
(b) For those members who as of December 31, 2016, have designated the guaranteed program as the investment program to receive all or part of the contributions to the member's annuity savings account, the board shall designate as a substitute one (1) or more alternative investment programs that are to receive those contributions after December 31, 2016. The designation by the board of an alternative investment program to receive a member's contributions under this subsection remains in effect until the member makes another allowable designation.
(c) After December 31, 2016, if a member has allocated all or part of the amount credited to the member to the guaranteed program, the board shall exchange the amount allocated to the guaranteed program by the member for an equivalent market value allocation to the stable value fund.
(d) The board shall eliminate the guaranteed program on January 1, 2017.
(e) After December 31, 2016, a member may allocate contributions and money invested in the alternative investment program to the stable value fund.
As added by P.L.193-2016, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-2. Members' Contributions; Employers Picking Up

Sec. 2. (a) Subject to IC 5-10.2-2-1.5, as used in this section, "compensation" means:
(1) the basic salary earned by and paid to the member; plus
(2) the amount that would have been a part of the basic salary earned and paid except for the member's salary reduction agreement established under Section 125, 403(b), or 457 of the Internal Revenue Code.
(b) Except in cases where:
(1) the contribution is made on behalf of the member; or
(2) a retired member may not make contributions during a period of reemployment as provided in IC 5-10.2-4-8(e);
each member shall, as a condition of employment, contribute to the fund three percent (3%) of the member's compensation.
(c) Except as provided in IC 5-10.2-4-8(e), a member of a fund may make contributions to the member's annuity savings account in addition to the contributions required under subsection (b). The total amount of contributions that may be made to a member's annuity savings account with respect to a payroll period under this subsection may not exceed ten percent (10%) of the member's compensation for that payroll period. The contributions made under this subsection may be picked-up and paid by an employer as provided in subsection (d).
(d) In compliance with rules adopted by the board, an employer, under Section 414(h)(2) of the Internal Revenue Code, may pick-up and pay the contributions under subsection (c), subject to approval of the board and to the board's receipt of a favorable private letter ruling from the Internal Revenue Service. The employer shall reduce the member's compensation by an amount equal to the amount of the member's contributions under subsection (c) that are picked-up by the employer. The board shall by rule establish the procedural requirements for employers to carry out the pick-up in compliance with Section 414(h)(2) of the Internal Revenue Code.
(e) A member's contributions and interest credits belong to the member and do not belong to the state or political subdivision.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.35-1985, SEC.8; P.L.55-1989, SEC.13; P.L.53-2000, SEC.1; P.L.246-2001, SEC.4; P.L.72-2007, SEC.3; P.L.1-2009, SEC.18; P.L.35-2012, SEC.40; P.L.195-2013, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-3. Deduction of Contributions

Sec. 3. (a) This section:
(1) does not apply to a retired member who begins a period of reemployment in a covered position more than thirty (30) days after the member's retirement, except as provided in subdivision (2); or
(2) applies to the entire period of reemployment for a retired member of the public employees' retirement fund who, before July 1, 2013, begins a period of reemployment in a covered position.
(b) Members' contributions, other than members' contributions paid on behalf of a member, shall be deducted from their compensation even if the net compensation to the member is less than the statutory minimum.
(c) The payment of a member's compensation minus the deduction constitutes a complete discharge of all claims for services rendered by the member during the period covered by the payment, except the claim for benefits under this article.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.41-1983, SEC.5; P.L.35-1985, SEC.9; P.L.72-2007, SEC.4; P.L.76-2008, SEC.1; P.L.195-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-5. Suspension of Membership

Sec. 5. (a) A member may suspend the member's membership in the applicable fund if the member terminates employment and is not currently employed in a covered position with the applicable fund.
(b) After five (5) continuous years in which the member performs no service, the member's membership shall be automatically suspended by the board unless the member has vested status.
(c) A member retains the member's creditable service for the period of employment before the suspension of membership, but only to the extent that the same period of employment is not being used by another governmental plan for purposes of the member's benefit in the other governmental plan.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.22-1998, SEC.4; P.L.195-1999, SEC.11; P.L.165-2009, SEC.5; P.L.193-2016, SEC.9; P.L.179-2018, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-6. Withdrawal of Contributions; Treatment of Suspended Member's Account

Sec. 6. (a) After a member is suspended under section 5 of this chapter, the member is entitled to withdraw in a lump sum all or part of the amount of the member's contributions plus interest credited to the member.
(b) Except as provided in subsection (d), the suspended member's money is to remain in the stable value fund or the alternative investment program as the money was allocated on the day the member was suspended until:
(1) the suspended member changes the allocation of the money among the stable value fund and the alternative investment program;
(2) the suspended member withdraws the money from the fund; or
(3) the fund is otherwise required to distribute the money.
Any earnings or losses on the money shall be credited to the member in the same manner as if the member's membership was not suspended.
(c) The board may charge a reasonable annual administrative fee against the money held in the annuity savings account of a suspended member.
(d) If:
(1) a member is suspended under section 5 of this chapter;
(2) the member has not attained vested status in the fund; and
(3) the value of the member's annuity savings account is not more than one thousand dollars ($1,000);
the board may pay the member's annuity savings account only in a lump sum.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.25-1994, SEC.3; P.L.2-1995, SEC.15; P.L.195-1999, SEC.12; P.L.193-2016, SEC.10; P.L.27-2019, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-6.2. Withdrawal of Contributions to Purchase Creditable Service in Another Governmental Retirement Plan

Sec. 6.2. (a) This section applies to a member of the Indiana state teachers' retirement fund.
(b) A member who:
(1) has attained vested status in the fund;
(2) has terminated employment;
(3) has not begun receiving benefits; and
(4) is transferring creditable service earned under TRF to another governmental retirement plan under section 1(i) of this chapter;
may suspend the member's membership and withdraw the member's annuity savings account to purchase creditable service in the other governmental retirement plan.
As added by P.L.61-2002, SEC.4. Amended by P.L.115-2008, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-6.3. Suspension of Membership; Transfer of Amount in Annuity Savings Account to Purchase Service Credit in Sheriff's Pension Trust

Sec. 6.3. (a) Notwithstanding any other provision in this article, IC 5-10.3, or IC 5-10.4, a member who:
(1) has not attained vested status in the fund;
(2) is not an active participant in the fund; and
(3) is an active participant in a retirement plan established under IC 36-8-10-12;
may suspend membership in the fund and transfer the entire amount in the member's annuity savings account in accordance with the member's purchase of service credit under IC 36-8-10-12.5.
(b) A member who makes a transfer under IC 36-8-10-12.5 from the member's annuity savings account shall provide notice of the transfer on a form provided by the board.
(c) A transfer under IC 36-8-10-12.5 is irrevocable.
(d) A member who makes a transfer under this section waives all credit for service in the fund.
As added by P.L.98-2009, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-7. Repealed

As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1978, P.L.24, SEC.1; Acts 1980, P.L.28, SEC.4. Repealed by P.L.55-1989, SEC.67.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-7.6. Survivor Benefits of Member With 30 Years Creditable Service

Sec. 7.6. (a) This section applies to the surviving spouse and the surviving dependent of a member who:
(1) dies after June 30, 1996, and before July 1, 2018;
(2) has at least thirty (30) years of creditable service; and
(3) dies in service in a position covered by the fund.
(b) If a member described in subsection (a) dies with a surviving spouse who was married to the member for at least two (2) years, the board may determine that the surviving spouse is entitled to a survivor benefit equal to the monthly benefit that would have been payable to the spouse under the joint and survivor option of IC 5-10.2-4-7 upon the member's death following retirement at:
(1) fifty-five (55) years of age; or
(2) the actual date of death;
whichever is later. However, benefits payable under this section are subject to section 7.5(g) and 7.5(i) of this chapter.
(c) If a member described in subsection (a) dies without a surviving spouse who was married to the member for at least two (2) years, but with a surviving dependent, the board may determine that the surviving dependent is entitled to a survivor benefit in a monthly amount equal to the actuarial equivalent of the monthly benefit that would have been payable to the spouse (assuming the spouse would have had the same birth date as the member) under the joint and survivor option of IC 5-10.2-4-7 upon the member's death following retirement at:
(1) fifty-five (55) years of age; or
(2) the actual date of death;
whichever is later. If there are two (2) or more surviving dependents, the actuarial equivalent of the benefit described in this subsection shall be calculated and, considering the dependents' attained ages, an equal dollar amount shall be determined as the monthly benefit to be paid to each dependent. Monthly benefits under this subsection are payable until the date the dependent becomes eighteen (18) years of age or dies, whichever is earlier. However, if a dependent has a permanent and total disability (using disability guidelines established by the Social Security Administration) on the date the dependent becomes eighteen (18) years of age, the monthly benefit is payable until the date the dependent no longer has a disability (using disability guidelines established by the Social Security Administration) or dies, whichever is earlier. Benefits payable under this section are subject to section 7.5(g) and 7.5(i) of this chapter.
As added by P.L.35-1996, SEC.2. Amended by P.L.99-2007, SEC.16; P.L.113-2009, SEC.2; P.L.199-2019, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-8. Survivor Benefits; Death While Not in Service

Sec. 8. (a) If a member dies:
(1) after March 31, 1990, and before July 1, 2018;
(2) while not in service in a position covered by the retirement fund; and
(3) while eligible to receive retirement or disability benefits under IC 5-10.2-4-6, but before applying for those benefits;
the member's surviving spouse or surviving dependent is entitled to survivor benefits in the same amount and under the same conditions as provided in section 7.5 of this chapter.
(b) If a member dies:
(1) after June 30, 2018; and
(2) while eligible to receive retirement or disability benefits under IC 5-10.2-4-6, but before applying for those benefits;
regardless of whether the member dies in service in a position covered by the retirement fund or out of service, the member's surviving spouse or surviving dependent is entitled to survivor benefits in the same amount and under the same conditions as provided in section 7.5 of this chapter.
(c) Except as otherwise provided in section 7.5 of this chapter, if a member dies while not in service and while not eligible for retirement or disability retirement, the sum payable upon suspension of membership shall be paid to the member's surviving designated beneficiary or to the member's estate if no beneficiary is designated.
(d) The sums specified in subsections (a), (b), and (c) shall be forfeited and credited to the member's retirement fund if no beneficiary or other person entitled to the money under subsection (a), (b), or (c) claims it within three (3) years after the member's death. However, the board may honor a claim made more than three (3) years after the member's death if the board finds, in the board's discretion, that:
(1) the member died after August 31, 1992; and
(2) either:
(A) the delay in making the claim was reasonable; or
(B) other extenuating circumstances justify the award of the benefit to the claimant.
(e) Survivor benefits payable under this section shall be reduced by any disability benefits paid to the member under the same conditions as provided in section 7.5 of this chapter.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.35-1985, SEC.11; P.L.55-1989, SEC.15; P.L.4-1990, SEC.6; P.L.56-1993, SEC.1; P.L.22-1993, SEC.2; P.L.119-2006, SEC.1; P.L.199-2019, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-9. Survivor Benefits; Death After July 1, 1991, While Eligible for Retirement Benefits

Sec. 9. (a) This section applies if the following conditions are met. A member dies:
(1) after July 1, 1991; and
(2) while receiving or while eligible to receive retirement benefits under IC 5-10.2-4-1 from the fund.
(b) As used in this section, "minimum amount" means the entire amount credited to the member's annuity savings account at the time of:
(1) retirement; or
(2) death while entitled to retirement benefits;
minus all benefits paid to the member and the member's survivors.
(c) If the member dies without a survivor entitled to benefits and the member has not received payments equal to or more than the minimum amount, the difference shall be paid in a lump sum to the member's designated beneficiary or beneficiaries in equal shares. If the member dies without a surviving designated beneficiary, the difference shall be paid in a lump sum to the member's estate.
(d) If the member dies with a survivor entitled to benefits, no payment under this section shall be calculated until after all survivors die. If, at the time of death of the last survivor, the member and all survivors have not received payments equal to or more than the minimum amount, the difference shall be paid in a lump sum to the survivor's estate.
(e) The minimum benefit provided in this section shall not apply to an election under IC 5-10.2-4-7(g).
As added by P.L.43-1991, SEC.3. Amended by P.L.51-2020, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 3. Creditable Service; Contributions; Withdrawals; Death Settlements › 5-10.2-3-10. Rollover Distributions

Sec. 10. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations, the fund 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 or account described in Section 403(b) of the Internal Revenue Code.
(3) An eligible plan maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state under Section 457(b) of the Internal Revenue Code.
(4) An individual retirement account or annuity described in Section 408(a) or Section 408(b) of the Internal Revenue Code.
(b) Any amounts rolled over under subsection (a) must be accounted for in a "rollover account" that is separate from the member's annuity savings account.
(c) A member may direct the investment of the member's rollover account into the stable value fund or any alternative investment option that the board may make available to the member's rollover account under IC 5-10.2-2-3.
(d) A member may withdraw the member's rollover account from the fund in a lump sum at any time before retirement. At retirement, the member may withdraw the member's rollover account in accordance with the retirement options that are available for the member's annuity savings account, including the deferral of a withdrawal.
As added by P.L.61-2002, SEC.5. Amended by P.L.193-2016, SEC.11; P.L.179-2018, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 4. Retirement and Disability Benefits › 5-10.2-4-0.1. Application of Certain Amendments to Chapter

Sec. 0.1. The following amendments to this chapter apply as follows:
(1) The amendments made by P.L.45-1988 to STEP TWO of section 4(b) of this chapter (formerly section 4(a) of this chapter):
(A) apply only to retirement benefits paid after March 3, 1988; and
(B) do not require retroactive increases in any benefits paid before March 3, 1988.
(2) The amendments made to section 3 of this chapter by P.L.95-2004 apply only to members of the Indiana state teachers' retirement fund who retire after May 31, 2004.
(3) The amendments made to section 8 of this chapter by P.L.62-2005 apply to:
(A) fiscal years that begin after June 30, 2005, for teachers' retirement fund members; and
(B) calendar years that begin after December 31, 2005, for public employees' retirement fund members.
(4) The amendments made to section 6 of this chapter by P.L.124-2008 apply to disability retirement benefits payable by the Indiana state teachers' retirement fund and the public employees' retirement fund after December 31, 2007.
As added by P.L.220-2011, SEC.73.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 4. Retirement and Disability Benefits › 5-10.2-4-0.3. Consideration of Certain Claims for Benefits

Sec. 0.3. The board may consider a claim for benefits under section 6(a) of this chapter, as amended by P.L.22-1998, even if the disability of the member making the claim arose from events occurring after March 31, 1994, and before April 2, 1998. A benefit claim approved by the board under this section is payable after the later of April 1, 1998, or the date of the member's claim.
As added by P.L.220-2011, SEC.74.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 4. Retirement and Disability Benefits › 5-10.2-4-1. Eligibility for Normal and Early Retirement

Sec. 1. (a) This subsection applies to:
(1) members of the public employees' retirement fund who retire before July 1, 1995; and
(2) members of the Indiana state teachers' retirement fund who retire before May 2, 1989.
A member who has reached age sixty-five (65) and has at least ten (10) years of creditable service is eligible for normal retirement.
(b) This subsection applies to members of the Indiana state teachers' retirement fund who retire after May 1, 1989, and to members of the public employees' retirement fund who retire after June 30, 1995, except as provided in section 1.7 of this chapter. A member is eligible for normal retirement if:
(1) the member is at least sixty-five (65) years of age and has at least ten (10) years of creditable service;
(2) the member is at least sixty (60) years of age and has at least fifteen (15) years of creditable service; or
(3) the member's age in years plus the member's years of service is at least eighty-five (85) and the member is at least fifty-five (55) years of age.
(c) A member who has reached age fifty (50) and has at least fifteen (15) years of creditable service is eligible for early retirement with a reduced pension.
(d) A member who is eligible for normal or early retirement is entitled to choose a retirement date on which the member's benefit begins if the following conditions are met:
(1) The application for retirement benefits and the choice of the date is filed on a form provided by the board.
(2) The date must be after the cessation of the member's service and be the first day of a month.
(3) The retirement date is not more than six (6) months before the date the application is received by the board. However, if the board determines that a member is incompetent to file for benefits and choose a retirement date, the retirement date may be any date that is the first of the month after the time the member became incompetent.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1980, P.L.28, SEC.5; P.L.48-1985, SEC.1; P.L.342-1989(ss), SEC.2; P.L.4-1990, SEC.7; P.L.10-1995, SEC.4; P.L.73-2002, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 4. Retirement and Disability Benefits › 5-10.2-4-1.2. Repealed

As added by P.L.47-2003, SEC.1. Amended by P.L.115-2009, SEC.3. Repealed by P.L.127-2015, SEC.1.