Authority: IC 5-10.2-2-1; IC 5-10.2-2-3; IC 5-10.5-4-2

Affected: IC 5-10.2-3; IC 5-10.2-4

Sec. 21. (a) A member may direct an allocation in the amount credited to the member among the stable value fund and any of the available alternative investment programs subject to the following conditions:

1. (1) INPRS shall allow a member to make a change or selection at least once a day.
2. (2) INPRS shall implement the member's selection the same day the selection is received by INPRS unless such selection is received after 4:00 p.m. EST on a business day, or anytime on a weekend or holiday, or any other date the New York Stock Exchange is closed, then INPRS shall implement the member's selection beginning the next business day after the selection is received. This date is the effective date of the member's selection.
3. (3) A member may select any combination of the stable value fund or any of the available alternative investment programs in one percent (1%) increments.
4. (4) A member's selection remains in effect until a new selection is made.
5. (5) On the effective date of a member's selection, INPRS shall reallocate the member's existing balance or balances in accordance with the member's direction, based on the sum of the market value on the effective date, minus any applicable fees.

(b) When a member who participates in the alternative or stable value investment programs transfers the amount credited to the member from one (1) investment program to another investment program, the amount credited to the member shall be the sum of the market value of the member's investment, as of the effective date of the member's selection, minus any applicable fees.

(c) Subject to and in accordance with the distribution provisions of IC 5-10.2-3 and IC 5-10.2-4, in the event that the member has designated beneficiaries, beneficiary accounts will be established for each beneficiary and the pro rata share of all monies in the member's ASA will be moved to the respective beneficiary account and invested in the stable value fund under IC 5-10.2-3.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-5-21; adopted Feb 19, 2010: 20100310-IR-035100124ONA; adopted Sep 16, 2011: 20110928-IR-035110563ONA; adopted Dec 14, 2012: 20121226-IR-035120663ONA; adopted Mar 6, 2015: 20150318-IR-035150060ONA; adopted Nov 4, 2016: 20161116-IR-035160500ONA; adopted Jun 23, 2017: 20170705-IR-035170307ONA)