Authority: IC 5-10.4-8-11; IC 5-10.5-4-2

Affected: IC 5-10.2-3-1; IC 5-10.4-4-2; IC 5-10.4-8-11

Sec. 1. (a) All years of participation for purposes of determining vesting under the plan are determined by IC 5-10.4-8-11 and this article.

(b) A participant's full years of participation shall be credited in yearly increments in which the participant works at least one hundred twenty (120) days in one (1) year or sixty (60) days in each of two (2) years pursuant to IC 5-10.4-4-2, and shall not be prorated for partial years of participation credit. For example, if Kevin is a participant in the plan and leaves employment after having received four (4) full years of participation credit, but works only sixty (60) working days with his employer during the last year of his employment, Kevin will be vested in only eighty percent (80%) of the employer contribution subaccount. Kevin decides not to withdraw any of his funds, and he returns to a plan-covered position three (3) years later. When Kevin serves an additional sixty (60) days during one (1) year with his new employer, he will receive one (1) additional full year of participation credit based on the combination of both sixty (60) day increments.

(c) If a plan participant:

1. (1) is employed in two (2) different plan-covered positions at the same time; and
2. (2) then terminates employment from either one (1) of those positions;

the participant does not forfeit those contributions, as described in IC 5-10.4-8-11(e), from the participating entity from which he or she terminates. The participant does not forfeit any participant contributions.

(d) Participants who separate employment from one (1) participating entity in the plan retain their accumulated years of participation if the participant is hired by another participating entity.

(e) A participant's years of participation in the plan may only be used towards calculating the participant's vesting percentage in the plan. Years of participation in the plan may not be treated as creditable service in the fund.

(f) If a plan participant is employed in two (2) plan-covered positions, the participant may earn years of participation from only one (1) position at a time.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14.1-3-1; adopted May 3, 2019: 20190515-IR-035190262ONA)