§ 33-38-8-23 — Credit for prior service as member of Indiana public employees' retirement fund; rollover distributions; trustee to trustee transfers

(a) This section applies only to a person
who:
(1) is:
(A) a judge; or
(B) after December 31, 2010, a judge or full-time magistrate;
participating under this chapter;
(2) before becoming:
(A) a judge; or
(B) after December 31, 2010, a judge or full-time magistrate;
was a member of a public employees' retirement fund;
(3) received credited service under a public employees' retirement
fund for the employment described in subdivision (2), and the
credited service is not eligible for service credit under section 22
or 22.5 of this chapter;
(4) has not attained vested status under a public employees'
retirement fund for the employment described in subdivision (2);
and
(5) has at least eight (8) years of service credit in the judges'
retirement system.
(b) If a person becomes a participant in the judges' 1985 benefit
system under this chapter, credit for service described in subsection (a)
shall be granted under this chapter by the board if:
(1) the prior service was credited under a public employees'
retirement fund; and
(2) the judge or full-time magistrate pays in a lump sum or in a
series of payments determined by the board, not exceeding five
(5) annual payments, the amount determined by the actuary for
the judges' 1985 benefit system as the total cost of the service.
(c) If the requirements of subsection (b) are not satisfied, a
participant is entitled to credit only for years of service after the date of
participation in the judges' 1985 benefit system.
(d) An amortization schedule for contributions paid under this
section must include interest at a rate determined by the board.
(e) If the requirements of subsection (b) are satisfied, the
appropriate board shall transfer from the retirement fund described in
subsection (a)(2) to the judges' 1985 benefit system the amount
credited to the judge's or full-time magistrate's annuity savings account
and the present value of the retirement benefit payable at sixty-five (65)
years of age that is attributable to the transferring participant.
(f) The amount a participant must contribute to the judges' 1985
benefit system under subsection (b) shall be reduced by the amount
transferred to the judges' 1985 benefit system by the appropriate board
under subsection (e).
(g) If the requirements of subsection (b) are satisfied, credit for prior
service in a public employees' retirement fund that is purchased under
this section is waived.
(h) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the judges' 1985 benefit system may accept, on
behalf of a participant who is purchasing permissive service credit
under subsection (b), 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.
(i) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the judges' 1985 benefit system may accept, on
behalf of a participant who is purchasing permissive service credit
under subsection (b), 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: 33-13-10.1-14.5.]

Legislative History

As added by P.L.98-2004, SEC.17. Amended by P.L.122-2008, SEC.23; P.L.16-2011, SEC.8.