§ 5-10.2-2-14 — Transfer of benefits to financial institutions; rollover

Indiana § 5-10.2-2-14

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.2: PUBLIC RETIREMENT AND DISABILITY
• Ch. 2: The Retirement Funds

Text

(a) Upon written authorization of a retired
member or a retired member's survivor or beneficiary, each fund may
satisfy a claim for benefits by directly depositing the amount of the
benefits payable to the retired member's or the survivor's or
beneficiary's account in any state or federal chartered financial
institution (as defined in IC 28-1-1-3(1)).
(b) All forms and accounting procedures for implementing
subsection (a) must be approved by the state board of accounts, and any
contract or agreement between a fund and a state or federal chartered
financial institution (as defined in IC 28-1-1-3(1)) must be approved by
the attorney general and the governor.
(c) Notwithstanding any other provision of the retirement fund law,
to the extent required by Internal Revenue Code Section 401(a)(31), as
added by the Unemployment Compensation Amendments of 1992
(P.L.102-318), and any amendments and regulations related to Section
401(a)(31), each retirement fund shall allow participants and qualified
beneficiaries to elect a direct rollover of eligible distributions to
another eligible retirement plan.
As added by Acts 1979, P.L.35, SEC.1. Amended by
P.L.10-1993, SEC.3; P.L.42-1993, SEC.2; P.L.1-1994,
SEC.18.