Sec. 15. (a) The board may adopt rules to allow a member who designates more than one (1) beneficiary to allocate benefit shares in percentage increments.

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Terms Used In Indiana Code 5-10.3-8-15

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Board: as used in this article means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.3-1-1
  • Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
  • Member: as used in this article means persons qualifying for membership under Indiana Code 5-10.3-1-5
     (b) This subsection applies in the case of a member who dies after June 30, 2013. Notwithstanding a contrary collateral agreement, court order, process, attachment, or levy, the right to receive a death benefit under IC 5-10.2 or this article vests with the designated beneficiary on file with the fund at the time of the member’s death. The fund shall distribute the death benefit to the designated beneficiary or the designated beneficiary’s estate in accordance with IC 5-10.2 and this article.

As added by P.L.99-2010, SEC.5. Amended by P.L.15-2013, SEC.3.

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