§ 33-38-7-13 — Withdrawal of participant from fund

Indiana § 33-38-7-13

• Jurisdiction: Indiana
• Art. 38: JUDGES
• Ch. 7: 1977 Retirement, Disability, and Death System

Text

(a) Except as otherwise provided in this
chapter, a participant:
(1) whose employment as a judge is terminated regardless of
cause; and
(2) who has less than twelve (12) years service;
is entitled to withdraw from the fund, beginning on the date specified
by the participant in a written application. However, the date on which
the withdrawal begins may not be before the date of final termination
of employment of the participant, or the date thirty (30) days before the
receipt of the application by the board.
(b) Upon the withdrawal, a participant is entitled to receive out of
the fund an amount equal to the total sum contributed to the fund on
behalf of the participant plus interest at a rate specified by rule by the
board, payable within sixty (60) days after date of the withdrawal
application or in monthly installments as the participant may elect.
(c) A participant who withdraws from the fund under subsection (a)
and becomes a participant again at a later date is not entitled to service
credit for the participant's years of service accrued before the
withdrawal, unless the participant pays into the fund the full amount
received by the participant when the participant withdrew from the
fund plus interest at a rate specified by rule by the board. The board
shall grant service credit to a participant for the years of service
accrued by the participant before the participant's withdrawal from the
fund if the participant makes the repayment required by this section in
a lump sum or a series of payments determined by the board, not to
exceed five (5) annual installments.
[Pre-2004 Recodification Citation: 33-13-9.1-6.]

Legislative History

As added by P.L.98-2004, SEC.17. Amended by P.L.16-2011, SEC.2; P.L.92-2021, SEC.12.