Sec. 24. (a) After December 31, 2016, a
member may not make contributions to the guaranteed program.
Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 5-10.2-2-24
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Board: as used in this article , means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.2-1-1
- Fund: as used in this article means the Indiana state teachers' retirement fund and the public employees' retirement fund. See Indiana Code 5-10.2-1-2
- Member: as used in this article means a member of the Indiana state teachers' retirement fund or of the public employees' retirement fund. See Indiana Code 5-10.2-1-4
(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.
