Sec. 29. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations and guidance, the plan may accept, on behalf of any member, a rollover distribution from any of the following:

(1) A qualified plan described in Section 401(a) or Section 403(a) of the Internal Revenue Code.

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Terms Used In Indiana Code 5-10.3-12-29

  • account: means the plan account established for a member under section 21(b) of this chapter. See Indiana Code 5-10.3-12-2
  • 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: has the meaning set forth in Indiana Code 5-10.3-12-4
  • Contract: A legal written agreement that becomes binding when signed.
  • Internal Revenue Code: has the meaning set forth in Indiana Code 5-10.3-12-11
  • member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
  • plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15
  • Political subdivision: as used in this article means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town, or township, which department receives revenue independently of, or in addition to, funds obtained from taxation. See Indiana Code 5-10.3-1-6
(2) An annuity contract or account described in Section 403(b) of the Internal Revenue Code.

(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 account in the plan. The member shall be fully vested in the member’s rollover account.

     (c) A member may direct the investment of the member’s rollover account into any alternative investment option that the board may make available to the member’s rollover account under section 22 of this chapter.

     (d) A member may withdraw all or part of the member’s rollover account from the plan in a lump sum or direct a rollover to an eligible retirement plan at any time. Upon attainment of normal retirement age, in addition to these payment options, the member may withdraw the member’s rollover account as a monthly annuity as established by the board in accordance with the annuity options that are available for the member’s account in the plan. A member must make a required withdrawal from the member’s account in the plan not later than the required beginning date under the Internal Revenue Code.

As added by P.L.22-2011, SEC.2. Amended by P.L.179-2018, SEC.10; P.L.27-2019, SEC.10.

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