Authority: IC 5-10.5-4-2

Affected: IC 5-10.2-3-5; IC 5-10.2-3-6.5

Sec. 1.3. (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, and 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 in a lump sum or a partial distribution 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 1.2-5- 1.3; adopted Mar 6, 2015: 20150318-IR-035150060ONA; adopted Sep 11, 2015: 20150923-IR-035150302ONA; adopted Sep 14, 2018: 20180919-IR-035180399ONA; adopted Dec 13, 2019: 20191225-IR-035190683ONA; adopted May 7, 2021: 20210519-IR-035210173ONA)