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

Affected: IC 5-10.2-4-2; IC 5-10.4-8

Sec. 4. (a) Notwithstanding a participant's election to receive an annuity provided by the amounts credited to the participant's annuity savings account at retirement, annuity savings account contributions totaling not more than one thousand dollars ($1,000) posted to a participant's account after the final date on which the participant's benefit is processed shall be distributed to the participant in a lump sum payment.

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

(c) Pursuant to the provisions of the Internal Revenue Code applicable to qualified plan distributions, a participant who:

1. (1) terminates service in a covered position; and
2. (2) does not perform any service in a position covered by the fund for at least thirty (30) days after the date on which the participant terminates service;

is entitled to withdraw amounts in the participant's account to the extent the participant is vested in the account.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14.1-7-4; adopted May 3, 2019: 20190515-IR- 035190262ONA)