§ 33-39-7-13 — Withdrawals; rejoining fund if participant returns to service

(a) A participant who:
(1) ceases service in a position described in section 8 of this
chapter, 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 upon 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. Upon withdrawal the participant is entitled to
receive the total sum contributed plus interest at a rate specified by rule
by the board, payable not later than sixty (60) days from the date of the
withdrawal application.
(b) Notwithstanding section 8 of this chapter, 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 years
of service 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 a participant service credit for years of
service by the participant before the participant's withdrawal from the
fund if the participant makes the repayment required by this subsection
in a lump sum or a series of payments determined by the board, not
exceeding five (5) annual installments.
[Pre-2004 Recodification Citation: 33-14-9-12.]

Legislative History

As added by P.L.98-2004, SEC.18. Amended by P.L.16-2011, SEC.9; P.L.54-2013, SEC.3.