Indiana Code 20-28-9-18. Salary deductions
(b) Upon a written request from a beneficiary of the Indiana state teachers’ retirement fund, a governing body may receive a given amount of money for a purpose described in subsection (c).
Terms Used In Indiana Code 20-28-9-18
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(1) insurance or other protection; or
(2) the establishment of or payment on an annuity account;
for the teacher. If a dividend accrues on a policy, the dividend shall be paid or credited to the teacher.
(d) If less than twenty percent (20%) of the teachers employed by a governing body request payment of the amounts described in subsection (c) to a single recipient, withholding the amounts of money for insurance, dues, or other purposes is discretionary with the governing body.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-6.1-5-11.]
As added by P.L.1-2005, SEC.12.