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.
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Terms Used In Indiana Code 5-10.2-3-6
- 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
- vested status: as used in this article means the status of having ten (10) years of creditable service. See Indiana Code 5-10.2-1-8
(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.
