§ 5-10.2-3-10 — Rollover distributions

Indiana § 5-10.2-3-10

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.2: PUBLIC RETIREMENT AND DISABILITY
• Ch. 3: Creditable Service; Contributions; Withdrawals; Death

Text

(a) To the extent permitted by the Internal
Revenue Code and the applicable regulations, the fund may accept, on
behalf of any member, a rollover distribution from any of the following:
(1) A qualified plan described in Section 401(a) or Section 403(a)
of the Internal Revenue Code.
(2) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(3) An eligible plan maintained by a state, a political subdivision
of a state, or an agency or instrumentality of a state or political
subdivision of a state under Section 457(b) of the Internal
Revenue Code.
(4) An individual retirement account or annuity described in
Section 408(a) or Section 408(b) of the Internal Revenue Code.
(b) Any amounts rolled over under subsection (a) must be accounted
for in a "rollover account" that is separate from the member's annuity
savings account.
(c) A member may direct the investment of the member's rollover
account into the stable value fund or any alternative investment option
that the board may make available to the member's rollover account
under IC 5-10.2-2-3.
(d) A member may withdraw the member's rollover account from
the fund in a lump sum at any time before retirement. At retirement, the
member may withdraw the member's rollover account in accordance
with the retirement options that are available for the member's annuity
savings account, including the deferral of a withdrawal.

Legislative History

As added by P.L.61-2002, SEC.5. Amended by P.L.193-2016, SEC.11; P.L.179-2018, SEC.8.