§ 5-10.4-8-13 — Member death; payment to beneficiaries

Indiana § 5-10.4-8-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 8: Teachers' Defined Contribution Plan

Text

(a) If a member dies:
(1) while in service in a position covered by the plan; 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 must be valued as
provided in IC 5-10.2-2-3. 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 date the beneficiary
or survivor becomes 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.

Legislative History

As added by P.L.217-2017, SEC.58.