Authority: IC 5-10.5-4-2; IC 5-10-8.5-11

Affected: IC 5-10-8.5

Sec. 12. (a) A retired participant's participation will cease when:

1. (1) the retired participant's reimbursement account is depleted;
2. (2) there have been no reimbursements made from the retired participant's reimbursement account for at least six (6) months and the balance in the reimbursement account is less than five dollars ($5); or
3. (3) the retired participant has died and any and all covered dependents have died or are no longer classified as covered dependents (whichever occurs first).

At such time, the retired participant's reimbursement account will be forfeited.

(b) A participant who is not a retired participant ceases participation when the participant:

1. (1) separates from service in a position covered by the plan as described in 35 IAC 21-1-3 [sic, 35 IAC 23-1- 3] and IC 5-10-8.5; and
2. (2) does not become reemployed in a position covered by the plan as described in 35 IAC 21-1-3 [sic, 35 IAC 23-1-3] and IC 5-10-8.5 within thirty (30) days with an employer.

In such case, the amounts credited to the participant's reimbursement account shall be forfeited as of the date of the participant's termination.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 23-1-12; adopted Sep 10, 2021: 20210915-IR-035210420ONA)