Authority: IC 5-10.5-4-2

Affected: IC 5-10.2-3-5; IC 5-10.2-3-6.5; IC 5-10.3-6; IC 5-10.4

Sec. 1.2. (a) "Terminated employment with the applicable fund" for purposes of this section only means that a person is no longer serving in a covered position for the applicable fund with any employer and has reached fifty-nine and one-half (59 1/2) years of age.

(b) In accordance with Section 905 of the Pension Protection Act of 2006, IC 5-10.2-3-5, IC 5-10.2-3-6.5, and unless otherwise prohibited by law, a PERF or TRF member, who is no longer working in covered service with an employer but remains employed with the same employer may suspend and withdraw the amounts in the member's defined contribution (DC) account, formerly referred to as an annuity savings account (ASA), if the member is at least fifty-nine and one-half (59 1/2) years of age at the time the member applies for the withdrawal.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-3-1.2; adopted Mar 6, 2015: 20150318-IR-035150060ONA; adopted Sep 11, 2015: 20150923-IR-035150302ONA; adopted May 7, 2021: 20210519-IR-035210173ONA)