Section 35 IAC 14-2-3 - Direct depositAuthority: IC 5-10.2-2-1; IC 5-10.5-4-2
Affected: IC 5-10.2-4-1.2
Sec. 3.
(a) It is the policy of TRF that direct deposit is the preferred method for monthly benefit distributions to members and beneficiaries. Except as provided below, monthly benefit distributions shall be made by direct deposit.(b) A member or beneficiary who does not wish to have direct deposit may request a waiver of the requirement on a form approved by TRF.(c) The reason for requesting the waiver must be designated on the form. TRF shall grant a member or beneficiary's waiver for any of the reasons enumerated in IC 5-10.2-4-1.2(c).(d) TRF may grant a waiver when it is determined that the facts of a particular case warrant the waiver of the requirement of direct deposit.(e) A member or beneficiary who is in pay status as of July 1, 2009, and is receiving monthly benefits in a manner other than direct deposit shall not have the monthly benefit stopped for receiving monthly benefits in a manner other than direct deposit.Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-2-3; adopted Dec 16, 2009: 20100106-IR-550090990ONATransferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-2-2.2) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-2-3) by P.L. 23-2011, SECTION 22, effective July 1, 2011.