Authority: IC 5-10.2-2-1; IC 5-10.2-2-3; IC 5-10.5-4-2

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

Sec. 8. (a) A member may direct an allocation in the amount credited to the member among any available alternative accounts subject to the following conditions:

1. (1) A member may select any combination of the available alternative accounts in one percent (1%) increments.
2. (2) A member's selection remains in effect until a new selection is made.
3. (3) On the effective date of a member's selection, TRF's record keeper shall reallocate the member's existing balance or balances in accordance with the member's direction, based on the market value on the effective date.

(b) TRF shall allow a member to make a change or selection at least once a day. TRF shall implement the member's selection the same day the selection is received by TRF, unless such selection is received after 4:00 p.m. EST on a business day, or anytime on a weekend or holiday, or any other date the New York Stock Exchange is closed, then TRF will implement the member's selection beginning the next business day after the selection is received. This date is the effective date of the member's selection.

(c) When a member who participates in the alternative investment programs transfers the amount credited to the member from one (1) alternative investment program to another alternative investment program, the amount credited to the member shall be valued at the market value of the member's investment, as of the effective date of the member's selection.

(d) When a member who participates in an alternative investment program retires, becomes disabled, or suspends membership and withdraws from the fund, the amount credited to the member shall be the market value of the member's investment as of the day after INPRS receives the member's application for distribution or annuitization at retirement, disability, or suspension and withdrawal, plus contributions received after that date.

(e) When a member who participates in an alternative investment program dies, within five (5) business days after the date of death notification is received by TRF, the entire amount in the member's annuity savings account will be moved into the market or stable value fund. Such death notification shall be on a form or in a manner approved by TRF. The amount credited to the member's account and moved to the money market or stable value fund as determined by the INPRS board shall be the market value of the member's investment as of the day the amount in the member's annuity savings account is moved to the money market or stable value fund.

(f) Subject to and in accordance with the distribution provisions of IC 5-10.2-3 and IC 5-10.2-4, in the event that the member has designated beneficiaries, beneficiary accounts will be established for each beneficiary and the pro rata share of all monies in the member's ASA will be moved to the respective beneficiary account and invested in the money market or stable value fund as determined by the INPRS board, set at the same rate as the money market or stable value fund until claimed or forfeited under IC 5-10.2-3.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-2-8; adopted Dec 16, 2009: 20100106- IR-550090990ONA; adopted Sep 16, 2011: 20110928-IR-035110563ONA; adopted Mar 6, 2015: 20150318-IR- 035150060ONA; adopted Feb 22, 2019: 20190227-IR-035190137ONA) NOTE: Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund (550 IAC 2-2-6.1) to the Board of Trustees of the Indiana Public Retirement System (35 IAC 14-2-8) by P.L.23-2011, SECTION 22, effective July 1, 2011.