§ 5-10.2-2-8 — Payment and computation of benefits for combined creditable service

Indiana § 5-10.2-2-8

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

Text

(a) For a member who retires after June 30,
2008, with service in more than one (1) retirement fund, the member
may choose at the time the member files an application for retirement
benefits whether to retire from the Indiana state teachers' retirement
fund or from the public employees' retirement fund. The fund that the
member chooses shall pay the pension benefit to the member. The
pension shall be computed and vested status shall be determined on the
basis of combined creditable service. The annuity, if any, shall be
computed on the basis of the amounts credited to the member in
annuity savings accounts in all funds minus any amount withdrawn by
the member under IC 5-10.2-3-6.5 and any amounts credited to the
member in annuity savings accounts in all funds that the member elects
to retain in the annuity savings accounts. The funds in which the
employee was a member shall pay to the fund responsible for payment
of benefits the proportionate actuarial cost of the member's pension.
(b) A member of the Indiana state teachers' retirement fund who has
served as a member of the general assembly and who retires after June
30, 1980, may choose at the member's retirement date whether to retire
from the Indiana state teachers' retirement fund or from the public
employees' retirement fund. If the member chooses to retire from the
public employees' retirement fund, that fund is responsible for the
payment of benefits provided in IC 5-10.2-4, and the Indiana state
teachers' retirement fund shall pay to the public employees' retirement
fund the proportionate actuarial cost of the member's pension.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1980,
P.L.28, SEC.2; P.L.35-1985, SEC.7; P.L.115-2008, SEC.5;
P.L.40-2017, SEC.5.