Indiana Code 5-10.2-3-10. Rollover distributions
(1) A qualified plan described in Section 401(a) or Section 403(a) of the Internal Revenue Code.
Terms Used In Indiana Code 5-10.2-3-10
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
(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.