Indiana Code 36-8-8-8. Employee contributions; lump sum withdrawal on termination of employment
Terms Used In Indiana Code 36-8-8-8
- employer: means :
Indiana Code 36-8-8-2
- system board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 36-8-8-2.3
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) the list described in subsection (a) in a uniform format through a secure connection over the Internet or through other electronic means specified by the system board; and
(2) the contributions paid by or on behalf of a member under subsection (a) by electronic funds transfer.
(c) Except as provided in section 7(n) or 7.2 of this chapter, if a fund member ends the fund member’s employment other than by death or disability before the fund member completes twenty (20) years of active service, the system board shall return to the fund member in a lump sum the fund member’s contributions plus interest at a rate specified by rule by the system board. If the fund member returns to service, the fund member is entitled to credit for the years of service for which the fund member’s contributions were refunded if the fund member repays the amount refunded to the fund member plus interest at a rate specified by rule by the system board in either a lump sum or a series of payments determined by the system board.
[Pre-Local Government Recodification Citations: 19-1-17.8-6; 19-1-36.5-6.]
As added by Acts 1981, P.L.309, SEC.59. Amended by Acts 1981, P.L.182, SEC.10; P.L.312-1989, SEC.4; P.L.180-2007, SEC.10; P.L.13-2011, SEC.17; P.L.16-2011, SEC.13; P.L.6-2012, SEC.251; P.L.35-2012, SEC.121; P.L.117-2013, SEC.2; P.L.92-2021, SEC.15.