Indiana Code 5-10.2-3-6.3. Suspension of membership; transfer of amount in annuity savings account to purchase service credit in sheriff’s pension trust
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Sec. 6.3. (a) Notwithstanding any other provision in this article, IC 5-10.3, or IC 5-10.4, a member who:
(2) is not an active participant in the fund; and
(1) has not attained vested status in the fund;
Terms Used In Indiana Code 5-10.2-3-6.3
- 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
(3) is an active participant in a retirement plan established under IC 36-8-10-12;
may suspend membership in the fund and transfer the entire amount in the member’s annuity savings account in accordance with the member’s purchase of service credit under IC 36-8-10-12.5.
(b) A member who makes a transfer under IC 36-8-10-12.5 from the member’s annuity savings account shall provide notice of the transfer on a form provided by the board.
(c) A transfer under IC 36-8-10-12.5 is irrevocable.
(d) A member who makes a transfer under this section waives all credit for service in the fund.
As added by P.L.98-2009, SEC.1.