Indiana § 5-10-5.5-17 Lump sum refund of contributions or payments

Indiana Statutes

§ 5-10-5.5-17 — Lump sum refund of contributions or payments

Indiana § 5-10-5.5-17

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10PUBLIC EMPLOYEE BENEFITS

Ch. 5.5State Excise Police, Gaming Agent, Gaming Control

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Bluebook

Ind. Code § 5-10-5.5-17 (2026).

Text

(a)Any participant whose employment as an officer is terminated before accumulating fifteen (15) years of creditable service and is not receiving a disability benefit under this chapter shall be entitled to a lump-sum refund of all contributions standing to the participant's credit in the participants' savings fund plus accumulated interest thereon.

(b)This subsection applies to participants who die before February 1, 2018. If a participant dies before accumulating fifteen (15) years of creditable service, all contributions standing to the participant's credit in the participants' savings fund plus the accumulated interest thereon shall be paid by the board to the person the participant shall nominate by written direction duly acknowledged and filed with the board. The payment may be in

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(a) Any participant whose employment as
an officer is terminated before accumulating fifteen (15) years of
creditable service and is not receiving a disability benefit under this
chapter shall be entitled to a lump-sum refund of all contributions
standing to the participant's credit in the participants' savings fund plus
accumulated interest thereon.
(b) This subsection applies to participants who die before February
1, 2018. If a participant dies before accumulating fifteen (15) years of
creditable service, all contributions standing to the participant's credit
in the participants' savings fund plus the accumulated interest thereon
shall be paid by the board to the person the participant shall nominate
by written direction duly acknowledged and filed with the board. The
payment may be in the form of a lump sum or a series of payments, at
the discretion of the board.
(c) If a participant dies before accumulating fifteen (15) years of
creditable service and has nominated no beneficiary, or in the event
that the participant's nominee predeceases the participant, all
contributions standing to the participant's credit in the participants'
savings fund, plus accumulated interest thereon shall be paid by the
board to the estate of the deceased participant. The payment may be in
the form of a lump sum or a series of payments, at the discretion of the
board.
(d) If a participant terminates the participant's employment after
accumulating fifteen (15) years of creditable service, but before
becoming eligible for any benefits under this chapter, no refund of
contributions and interest shall be allowed. In such case, the
participant's contributions shall be retained by the board until the
participant becomes eligible for benefits. At that time, benefits shall be
paid to, or on behalf of the participant in the same manner and in the
same amount as all similar benefits are paid.
Formerly: Acts 1972, P.L.1, SEC.1. As amended by P.L.6-2020,
SEC.7; P.L.32-2021, SEC.8.