Authority: IC 5-10.5-4-2

Affected: IC 5-10.2; IC 5-10.3

Sec. 6. (a) A member who is on an approved leave of absence is not eligible for a withdrawal of his or her annuity savings account unless the reason for the leave is a layoff. In order for a member to receive a distribution of the member's PERF annuity savings account, the member must have terminated the member's employment and be certified by the member's employer as being off the payroll and the date of termination and must meet the terms described in subsection (b) or (c). Employer verification is not required whenever more than one (1) year lapses from the date of the member's separation from employment and contributions to the fund cease. An application for distribution of the member's annuity savings account submitted by the member is an affirmation by the member that the member has separated from employment. Refunds will be made on or after the fifteenth day of the month next following the month of termination, if such termination is on or prior to the fifteenth day of the month and the application for distribution is received prior to the end of the month of termination.

(b) Prior to December 31, 2020, a member may withdraw money from the member's annuity savings account no sooner than thirty (30) days after separation from covered employment and service with the employer. A member who becomes reemployed in a PERF-covered position within thirty (30) days from the date of such termination is not entitled to a distribution from the member's annuity savings account. The effective date of the suspension of membership shall be automatically deferred and the member shall not be eligible for withdrawal of the member's annuity savings account. The member shall notify PERF immediately if the member becomes reemployed within such thirty (30) day period.

(c) After December 31, 2020, a member who has not reached age and service eligibility for normal retirement may withdraw money from the member's annuity savings account no sooner than thirty (30) days after separation from PERF-covered service with the employer.

(d) This applies after December 31, 2020. A member who has reached age and service eligibility for normal retirement may withdraw money from the member's annuity savings account after separation from PERF-covered service from the PERF employer without waiting thirty (30) days after such separation. A member who has reached age and service eligibility for normal retirement may withdraw money from the member's annuity savings account under IC 5-10.2-3-6.5 without separating from service.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-6-6; filed Dec 20, 1988, 1:00 p.m.: 12 IR 1086; readopted filed Oct 31, 2001, 2:18 p.m.: 25 IR 897; adopted Nov 9, 2007: 20071205-IR-035070818ONA; adopted Dec 17, 2010: 20101229-IR-035100777ONA; adopted Jun 26, 2020: 20200708-IR-035200360ONA)