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

Affected: IC 5-10.2-3-10; IC 5-10.2-4-7; IC 5-10.4-8-2; IC 5-10.4-8-12

Sec. 1. (a) As provided under IC 5-10.4-8-12 and this article, a participant who terminates service in covered employment and does not perform any service in a position covered by the fund for at least thirty (30) days is entitled to withdraw the vested portion of the participant's account as:

1. (1) a lump sum or partial distribution as permitted by IC 5-10.4-8-12;
2. (2) a direct rollover to an eligible retirement plan; or
3. (3) if the participant has attained normal retirement age, as defined in IC 5-10.4-8-2(10), a monthly annuity, subject to this article.

(b) For a participant electing a distribution under subsection (a)(3), the forms of monthly annuity payments that are available under the annuity savings account of the fund shall be available, pursuant to IC 5-10.2-4-7.

(c) Participants who have not reached normal retirement age are entitled to withdraw the vested portion of the participant's account under subsection (a) thirty (30) days termination of employment in a covered position and separation from service with the employer. After December 31, 2020, a participant who has reached normal retirement age may withdraw money from the participant's account without separating service. A participant who has reached normal retirement age and separates from the covered position and service with the employer may withdraw money from the participant's annuity savings account without waiting thirty (30) days after such separation.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14.1-6-1; adopted May 3, 2019: 20190515-IR-035190262ONA; adopted Jun 26, 2020: 20200708-IR-035200360ONA)