35 Ind. Admin. Code 14-3-7

Current through November 6, 2024

Section 35 IAC 14-3-7 - De minimis accounts

Authority: IC 5-10.2-2-1; IC 5-10.5-4-2

Affected: IC 5-10.2-3-6; IC 5-10.4-4

Sec. 7.

(a) If after suspension, retirement, retirement for disability, death withdrawal, or other withdrawal, an inactive member's ASA account balance is below the de minimis amount as such amount is determined by TRF, TRF may close the member's account and credit the residual amount to the fund without further notice.

(b) A member or the member's beneficiary may claim the amount credited to the fund and the account may be adjusted for gains, losses, or interest earnings unless otherwise limited by statute by petitioning TRF in writing.

(c) If the credited amount is from a suspended member's account, no gains or earnings shall be credited to the member's account in accordance with IC 5-10.2-3-6.

35 IAC 14-3-7

Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-3-7; adopted Apr 21, 2010: 20100505-IR-550100241ONA; errata filed Jun 2, 2010, 3:01 p.m.: 20100616-IR-550100241ACA

Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-3-6.5) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-3-7) by P.L. 23-2011, SECTION 22, effective July 1, 2011.