Section 33-39-7-13 - Withdrawals; rejoining fund if participant returns to service(a) A participant who: (1) ceases service in a position described in section 8 of this chapter, other than by death or disability; and(2) is not eligible for a retirement benefit under this chapter; is entitled to withdraw from the fund, beginning on the date specified by the participant in a written application. The date upon which the withdrawal begins may not be before the date of final termination of employment or the date thirty (30) days before the receipt of the application by the board. Upon withdrawal the participant is entitled to receive the total sum contributed plus interest at a rate specified by rule by the board, payable not later than sixty (60) days from the date of the withdrawal application.
(b) Notwithstanding section 8 of this chapter, a participant who withdraws from the fund under subsection (a) and becomes a participant again at a later date is not entitled to service credit for years of service before the withdrawal, unless the participant pays into the fund the full amount received by the participant when the participant withdrew from the fund, plus interest at a rate specified by rule by the board. The board shall grant a participant service credit for years of service by the participant before the participant's withdrawal from the fund if the participant makes the repayment required by this subsection in a lump sum or a series of payments determined by the board, not exceeding five (5) annual installments.Pre-2004 Recodification Citation: 33-14-9-12.
Amended by P.L. 54-2013, SEC. 3, eff. 7/1/2013.Amended by P.L. 16-2011, SEC. 9, eff. 7/1/2011.As added by P.L. 98-2004, SEC.18.