Indiana Code 5-10.2-3-9. Survivor benefits; death after July 1, 1991, while eligible for retirement benefits
(1) after July 1, 1991; and
Terms Used In Indiana Code 5-10.2-3-9
- 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.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
(b) As used in this section, “minimum amount” means the entire amount credited to the member’s annuity savings account at the time of:
(1) retirement; or
(2) death while entitled to retirement benefits;
minus all benefits paid to the member and the member’s survivors.
(c) If the member dies without a survivor entitled to benefits and the member has not received payments equal to or more than the minimum amount, the difference shall be paid in a lump sum to the member’s designated beneficiary or beneficiaries in equal shares. If the member dies without a surviving designated beneficiary, the difference shall be paid in a lump sum to the member’s estate.
(d) If the member dies with a survivor entitled to benefits, no payment under this section shall be calculated until after all survivors die. If, at the time of death of the last survivor, the member and all survivors have not received payments equal to or more than the minimum amount, the difference shall be paid in a lump sum to the survivor’s estate.
(e) The minimum benefit provided in this section shall not apply to an election under IC 5-10.2-4-7(g).
As added by P.L.43-1991, SEC.3. Amended by P.L.51-2020, SEC.3.