Indiana § 5-10.3-12-27 Member accounts; beneficiary or survivor withdrawals; forms of
payment

Indiana Statutes

§ 5-10.3-12-27 — Member accounts; beneficiary or survivor withdrawals; forms of payment

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 10.3 THE PUBLIC EMPLOYEES' RETIREMENT·Ch. 12 Public Employees' Defined Contribution Plan

(a)If a member dies:

(1)while in service in a position covered by the plan but not in the line of duty; or

(2)after terminating service in a position covered by the plan but before withdrawing the member's account; to the extent that the member is vested, the member's account shall be paid to the beneficiary or beneficiaries designated by the member on a form prescribed by the board. The amount paid shall be valued as provided in IC 5-10.2-2-3 and IC 5-10.2-2-4 (expired). The board shall invest the total amount in the member's account in the stable value fund not later than thirty (30) days after receiving notification of a member's death.

(b)If there is no properly designated beneficiary, or if no beneficiary survives the member, the member's account shall be paid to:

(1)the survivin

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(a) If a member dies:
(1) while in service in a position covered by the plan but not in
the line of duty; or
(2) after terminating service in a position covered by the plan but
before withdrawing the member's account;
to the extent that the member is vested, the member's account shall be
paid to the beneficiary or beneficiaries designated by the member on
a form prescribed by the board. The amount paid shall be valued as
provided in IC 5-10.2-2-3 and IC 5-10.2-2-4 (expired). The board shall
invest the total amount in the member's account in the stable value fund
not later than thirty (30) days after receiving notification of a member's
death.
(b) If there is no properly designated beneficiary, or if no
beneficiary survives the member, the member's account shall be paid
to:
(1) the surviving spouse of the member;
(2) if there is not a surviving spouse, the surviving dependent or
dependents of the member in equal shares; or
(3) if there is not a surviving spouse or dependent, the member's
estate.
(c) The beneficiary or beneficiaries designated under subsection (a)
or a survivor determined under subsection (b) may elect to have the
member's account paid as:
(1) a lump sum;
(2) a direct rollover to another eligible retirement plan; or
(3) a monthly annuity in accordance with rules of the board.
A monthly annuity is an option only on or after the beneficiary or
survivor attains sixty-two (62) years of age. The board shall establish
the forms of annuity by rule, in consultation with the board's actuary.
Further, the board may establish a minimum account balance or a
minimum monthly payment amount that is required in order for a
beneficiary or survivor to select the monthly annuity option.
(d) If a member dies in the line of duty while in service in a covered
position, the designated beneficiary or beneficiaries or the surviving
spouse or dependents, as applicable, are entitled to payment of the
member's account as provided in this section. In addition, if the
member was not fully vested in the employer contribution subaccount,
the account is deemed to be fully vested for purposes of withdrawal
under this section.

Indiana § 5-10.3-12-27 (Member accounts; beneficiary or survivor withdrawals; forms of payment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.