35 Ind. Admin. Code 1.3-6-1

Current through January 8, 2025

Section 35 IAC 1.3-6-1 - Member distribution options

Authority: IC 5-10.3-12-18; IC 5-10.5-4-2

Affected: IC 5-10.2-4-7; IC 5-10.3-12

Sec. 1.

(a) As provided under IC 5-10.3-12-26, IC 5-10.3-12-29, and this article, a member who terminates service in covered employment is entitled to withdraw the vested portion of the member's account as:

(1) a lump sum;

(2) a direct rollover to an eligible retirement plan, as provided in 35 IAC Article 8 [35 IAC 8], and 35 IAC 10-1-4 and 10-1-5[ 35 IAC 10-1-5 ]; or

(3) if the member has attained normal retirement age, as defined in IC 5-10.3-12-14, as a monthly annuity, subject to this article.

(b) For a member electing a distribution under subsection (a)(1), the forms of monthly annuity payments that are available under the annuity savings account of the fund shall be available, pursuant to IC 5-10.2-4-7, for the member's selection, provided that the amount of the member's account to be annuitized must be at least fifteen thoursand [sic] dollars ($15,000) in order for the annuity option to be available.

35 IAC 1.3-6-1

Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.3-6-1; adopted Sep 16, 2011: 20110928-IR-035110564ONA