§ 10-12-4-1 — Application of chapter; election of coverage

(a) This chapter applies only to an employee
beneficiary who:
(1) is hired for the first time after June 30, 1987; or
(2) chooses coverage by this chapter under subsection (b).
(b) Subject to subsection (c), an employee beneficiary who is hired
for the first time before July 1, 1987, may choose to be covered by this
chapter instead of IC 10-12-3 if the employee files an election with the
trustee before July 1, 1988. An election filed under this subsection is
irrevocable and, except as provided in subsection (d), takes effect after
twelve (12) months of service as an eligible employee following the
filing of the election.
(c) This chapter is applicable only if the general assembly provides
sufficient funding for the increased cost of the benefits provided by this
chapter. If this chapter is not applicable, then IC 10-12-3 applies to all
employee beneficiaries regardless of when hired for the first time.
(d) If an employee beneficiary's mandatory retirement date occurs
during the twelve (12) months following the filing of an election under
subsection (b), the election takes effect only if:
(1) the employee beneficiary serves as an eligible employee until
the mandatory retirement date; and
(2) the employee beneficiary pays to the trust fund a lump sum
equal to the remaining deductions that would have been made
from the employee beneficiary's wages under this chapter during
the twelve (12) months following the election if the employee
beneficiary had not retired.
The election takes effect on the mandatory retirement date or the date
when the lump sum payment is made, whichever is later.
[Pre-2003 Recodification Citation: 10-1-2.3-1.]

Legislative History

As added by P.L.2-2003, SEC.3.