Section 35 IAC 14-7-13 - Stale checksAuthority: IC 5-10.2-2-1; IC 5-10.5-4-2
Affected: IC 5-10.2-2-3; IC 5-10.2-3-6; IC 5-10.2-4-2
Sec. 13.
(a) Whenever a member applies for a distribution from the member's annuity savings account, an effective distribution will be deemed to have occurred as of the date the check is issued. If the member fails to negotiate the check within one hundred eighty (180) days from issuance, the amount of the check may be credited to the fund as posttax monies and it will not be further adjusted for earnings, interest, or losses. The fund will retain the monies until the member claims them in writing.(b) Prior to the passage of 550 IAC 2-7-10, any member who requested an ASA lump sum full or partial distribution and the distribution check was not negotiated within one hundred eighty (180) days causing the check to go stale will receive interest on the amount of the payment beginning on the one hundred eighty-first day after the distribution was made at the interest rate defined in section 9(e) of this rule.Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-13; adopted Dec 17, 2010: 20101229-IR-550100778ONAAgency cited as 550 IAC 2-7-10, which was renumbered by the Publisher as 550 IAC 2-7-11.
Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-7-11) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-7-13) by P.L. 23-2011, SECTION 22, effective July 1, 2011.