§ 5-10.2-3-9 — Survivor benefits; death after July 1, 1991, while eligible for retirement benefits

Indiana § 5-10.2-3-9

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

Text

(a) This section applies if the following
conditions are met. A member dies:
(1) after July 1, 1991; and
(2) while receiving or while eligible to receive retirement benefits
under IC 5-10.2-4-1 from the fund.
(b) As used in this section, "minimum amount" means the entire
amount credited to the member's annuity savings account at the time of:
(1) retirement; or
(2) death while entitled to retirement benefits;
minus all benefits paid to the member and the member's survivors.
(c) If the member dies without a survivor entitled to benefits and the
member has not received payments equal to or more than the minimum
amount, the difference shall be paid in a lump sum to the member's
designated beneficiary or beneficiaries in equal shares. If the member
dies without a surviving designated beneficiary, the difference shall be
paid in a lump sum to the member's estate.
(d) If the member dies with a survivor entitled to benefits, no
payment under this section shall be calculated until after all survivors
die. If, at the time of death of the last survivor, the member and all
survivors have not received payments equal to or more than the
minimum amount, the difference shall be paid in a lump sum to the
survivor's estate.
(e) The minimum benefit provided in this section shall not apply to
an election under IC 5-10.2-4-7(g).

Legislative History

As added by P.L.43-1991, SEC.3. Amended by P.L.51-2020, SEC.3.