§ 2-3.5-5-12 — Rollover distributions

Indiana § 2-3.5-5-12

• Jurisdiction: Indiana
• Art. 3.5: LEGISLATIVE RETIREMENT BENEFITS
• Ch. 5: Legislators' Defined Contribution Plan

Text

(a) To the extent permitted by the Internal
Revenue Code and the applicable regulations, the fund may accept, on
behalf of any active 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.
(2) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(3) An eligible plan that is 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.
(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 3 of this
chapter.
(d) A member may withdraw the member's rollover account from
the fund in a lump sum at any time before retirement. At retirement, the
member may withdraw the member's rollover account in accordance
with the retirement options that are available for the member's account.

Legislative History

As added by P.L.61-2002, SEC.1.