Indiana § 5-10.3-12-30 Member accounts; disability withdrawals; forms of payment

Indiana Statutes

§ 5-10.3-12-30 — Member accounts; disability 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 becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member's qualification for Social Security disability benefits to the board, to the extent that the member is vested, the member may make a full or partial withdrawal from the member's account.

(b)The member may elect to have the withdrawal paid as:

(1)a lump sum;

(2)a direct rollover to another eligible retirement plan; or

(3)a monthly annuity in accordance with the rules of the board.

(c)The board may establish a minimum account balance or a minimum monthly payment amount in order for a member to select the monthly annuity option.

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(a) If a member becomes disabled while
in a covered position, subject to any federal law limitations concerning
qualified plan distributions and the member furnishing proof of the
member's qualification for Social Security disability benefits to the
board, to the extent that the member is vested, the member may make
a full or partial withdrawal from the member's account.
(b) The member may elect to have the withdrawal paid as:
(1) a lump sum;
(2) a direct rollover to another eligible retirement plan; or
(3) a monthly annuity in accordance with the rules of the board.
(c) The board may establish a minimum account balance or a
minimum monthly payment amount in order for a member to select the
monthly annuity option.

Indiana § 5-10.3-12-30 (Member accounts; disability withdrawals; forms of payment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.