§ 33-38-8-12 — Withdrawal of participant from fund

Indiana § 33-38-8-12

• Jurisdiction: Indiana
• Art. 38: JUDGES
• Ch. 8: 1985 Retirement, Disability, and Death System

Text

(a) A participant who:
(1) ceases service:
(A) as a judge; or
(B) after December 31, 2010, as a judge or full-time magistrate;
other than by death or disability; and
(2) is not eligible for a retirement benefit under this chapter;
is entitled to withdraw from the fund, beginning on the date specified
by the participant in a written application. The date on which the
withdrawal begins may not be before the date of final termination of
employment or the date thirty (30) days before the receipt of the
application by the board.
(b) Upon the withdrawal, the participant is entitled to receive the
total sum contributed plus interest at a rate specified by rule by the
board, payable within sixty (60) days from the 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.

Legislative History

As added by P.L.98-2004, SEC.17. Amended by P.L.122-2008, SEC.16; P.L.16-2011, SEC.5; P.L.92-2021, SEC.13.