§ 36-8-8-24 — Beneficiary designation

(a) A fund member may designate one (1) or
more beneficiaries to receive in a lump sum the fund member's
contributions plus interest at a rate determined by the system board if
the fund member dies:
(1) without receiving a retirement benefit under sections 10 and
11 of this chapter;
(2) without receiving a disability benefit under section 13.3 or
13.5 of this chapter;
(3) without a survivor entitled to receive a benefit under section
13.8, 13.9, or 14.1 of this chapter; and
(4) without the system board returning the fund member's
contributions under section 8 of this chapter.
(b) A fund member who chooses to designate one (1) or more
beneficiaries under this section shall file the fund member's designation
with the system board on a form prescribed by the system board.
(c) The system board shall adopt rules to allow a fund member who
designates more than one (1) beneficiary to allocate the contributions
and interest paid in percentage increments.
(d) Whenever a fund member does not designate a beneficiary under
this section and has no survivors entitled to receive a benefit under
section 13.8, 13.9, or 14.1 of this chapter, the system board shall refund
to the fund member's estate:
(1) the fund member's contributions; plus
(2) interest at a rate determined by the system board.

Legislative History

As added by P.L.23-2010, SEC.4; P.L.62-2010, SEC.4. Amended by P.L.35-2012, SEC.141.