Indiana § 5-10.2-2-7 Transfer of accounts

Indiana Statutes

§ 5-10.2-2-7 — Transfer of accounts

Indiana § 5-10.2-2-7

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10.2PUBLIC RETIREMENT AND DISABILITY

Ch. 2The Retirement Funds

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Bluebook

Ind. Code § 5-10.2-2-7 (2026).

Text

(a)When a member retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits and if the member or survivor chooses to receive an annuity from the fund, the annuity savings account shall be charged with the amount credited to him in the account. This amount shall be credited to the retirement allowance account, and the annuity shall be paid from this account.

(b)When:

(1)a member of the public employees' retirement fund who is an employee of a participating political subdivision; or

(2)a member of the Indiana state teachers' retirement fund who is covered by the 1996 account and is an employee of a school corporation or other institution; retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits, the

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(a) When a member retires or dies in service
under conditions which entitle a beneficiary or spouse to survivor
benefits and if the member or survivor chooses to receive an annuity
from the fund, the annuity savings account shall be charged with the
amount credited to him in the account. This amount shall be credited
to the retirement allowance account, and the annuity shall be paid from
this account.
(b) When:
(1) a member of the public employees' retirement fund who is an
employee of a participating political subdivision; or
(2) a member of the Indiana state teachers' retirement fund who
is covered by the 1996 account and is an employee of a school
corporation or other institution;
retires or dies in service under conditions which entitle a beneficiary or
spouse to survivor benefits, the political subdivision's, school
corporation's, or other institution's account in the retirement allowance
account shall be charged with an amount equal to the actuarial reserve
of the member's retirement pension or the survivor benefit. The amount
charged shall be credited to the retirement allowance account, and the
retirement pension or survivor benefit shall be paid from this account.
As added by Acts 1977, P.L.53, SEC.2. Amended by
P.L.35-1985, SEC.6; P.L.54-1993, SEC.8.