Authority: IC 5-10.2-2-1; IC 5-10.2-2-1.5; IC 5-10.5-4-2

Affected: IC 5-10.2-4-2

Sec. 5. (a) Notwithstanding a member's election to receive an annuity provided by the amounts credited to the member's annuity savings account at retirement, annuity savings account contributions totaling not more than one thousand dollars ($1,000), posted to a member's account after the final date on which the member's benefit is processed shall be distributed to the member in a lump-sum payment.

(b) A member may elect to receive annuity savings account contributions exceeding one thousand dollars ($1,000) posted to a member's account after the final date on which the member's benefit is processed in either a lump-sum payment or as a direct rollover.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-5; adopted Dec 16, 2009: 20100106- IR-550090990ONA; adopted Nov 19, 2010: 20101208-IR-550100723ONA; adopted Jun 20, 2014: 20140820-IR- 035140335ONA; adopted Jun 23, 2017: 20170705-IR-035170307ONA) NOTE: Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund (550 IAC 2-7-4.5) to the Board of Trustees of the Indiana Public Retirement System (35 IAC 14-7-5) by P.L.23-2011, SECTION 22, effective July 1, 2011.