Authority: IC 5-10.3-12-18; IC 5-10.5-4-2

Affected: IC 5-10.2-3-10; IC 5-10.2-4-7; IC 5-10.3-12

Sec. 1. (a) As provided under IC 5-10.3-12-26, IC 5-10.3-12-29, and this article, a member who terminates service in covered employment is entitled to withdraw the vested portion of the member's account as:

1. (1) a lump sum or partial distribution;
2. (2) a direct rollover to an eligible retirement plan; or
3. (3) if the member has attained normal retirement age, as defined in IC 5-10.3-12-14, a monthly annuity, subject to this article.

(b) For a member 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 for the member's selection.

(c) Members who have not reached normal retirement age are entitled to withdraw the vested portion of their account under subsection (a) thirty (30) days after termination of covered employment in a covered position and separation from service with the employer.

(d) After December 31, 2020, a member who has reached normal retirement age may withdraw money from the member's account without separating service. A member who has reached normal retirement age and separates from the covered position and service with the employer may withdraw money from the member's annuity savings account without waiting thirty (30) days after such separation.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.3-6-1; adopted Sep 16, 2011: 20110928-IR-035110564ONA; adopted Dec 14, 2012: 20121226-IR-035120663ONA; adopted Sep 11, 2015: 20150923-IR-035150302ONA; adopted Feb 22, 2019: 20190227-IR-035190137ONA; adopted Dec 13, 2019: 20191225-IR-035190683ONA; adopted Jun 26, 2020: 20200708-IR-035200360ONA)