§ 33-38-6-26 — Judge pro tempore service credit; conditions

(a) A participant may purchase judge pro
tempore service credit if:
(1) the participant has at least one (1) year of service in the fund;
(2) before the participant retires, the participant makes
contributions to the fund:
(A) that are equal to the product of:
(i) the participant's salary at the time the participant actually
makes a contribution for the service credit; multiplied by
(ii) a percentage rate, as determined by the actuary of the
fund, that is based on the age of the participant at the time the
participant makes a contribution for service credit and
computed to result in a contribution amount that
approximates the actuarial present value of the benefit
attributable to the service credit purchased; multiplied by
(iii) the number of years of judge pro tempore service the
participant intends to purchase; and
(B) for any accrued interest, at a rate determined by the actuary
of the fund, for the period from the participant's initial
membership in the fund to the date payment is made by the
participant; and
(3) the fund receives verification from the applicable court that
the judge pro tempore service occurred.
(b) A participant may not receive service credit under this section
if the judge pro tempore service for which the participant requests
credit also qualifies the participant for a benefit in another retirement
system.
(c) A participant who:
(1) terminates service before satisfying the requirements for
eligibility to receive a retirement benefit from the fund; or
(2) receives a retirement benefit for the same service from another
retirement system, other than under the federal Social Security
Act;
may withdraw the participant's contributions made under this section
plus accumulated interest after submitting to the fund a properly
completed application for a refund.
(d) The following apply to the purchase of service credit under this
section:
(1) The board may allow a participant to make periodic payments
of the contributions required for the purchase of the service credit.
The board shall determine the length of the period during which
the payments are to be made.
(2) The board may deny an application for the purchase of service
credit if the purchase would exceed the limitations set forth in
Section 415 of the Internal Revenue Code.
(3) A participant may not claim the service credit for purposes of
determining eligibility or computing benefits unless the
participant has made all payments required for the purchase of the
service credit.
(e) To the extent permitted by the Internal Revenue Code and
applicable regulations, the fund may accept, on behalf of a participant
who is purchasing service credit under this section, a rollover of a
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.
(f) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the fund may accept, on behalf of a participant
who is purchasing service credit under this section, a trustee to trustee
transfer from any of the following:
(1) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(2) An eligible deferred compensation plan under Section 457(b)
of the Internal Revenue Code.
[Pre-2004 Recodification Citation: 33-13-8-27.]

Legislative History

As added by P.L.98-2004, SEC.17.