§ 5-10.4-4-10 — Designation of beneficiary; allocation of benefits

Indiana § 5-10.4-4-10

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 4: Fund Membership; Employee Contributions; Creditable

Text

(a) The director shall obtain a designation
of beneficiary as soon as possible from each member.
(b) The board may adopt rules to allow a member who designates
more than one (1) beneficiary to allocate benefit shares in percentage
increments.
(c) Notwithstanding a contrary collateral agreement, court order,
process, attachment, or levy, the right to receive a death benefit under
IC 5-10.2 or this article vests with the designated beneficiary on file
with the fund at the time of the member's death. The fund shall
distribute the death benefit to the designated beneficiary or the
designated beneficiary's estate in accordance with IC 5-10.2 and this
article.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-4-8.]

Legislative History

As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.16; P.L.99-2010, SEC.7.