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computed on the basis of the amounts credited to the member in annuity savings accounts in all funds minus any amount withdrawn by the member under IC 5-10.2-3-6.5 and any amounts credited to the member in annuity savings accounts in all funds that the member elects to retain in the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.