Sec. 24. (a) A fund member may designate one (1) or more beneficiaries to receive in a lump sum the fund member’s contributions plus interest at a rate determined by the system board if the fund member dies:

(1) without receiving a retirement benefit under sections 10 and 11 of this chapter;

Terms Used In Indiana Code 36-8-8-24

  • 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
  • system board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 36-8-8-2.3
(2) without receiving a disability benefit under section 13.3 or 13.5 of this chapter;

(3) without a survivor entitled to receive a benefit under section 13.8, 13.9, or 14.1 of this chapter; and

(4) without the system board returning the fund member’s contributions under section 8 of this chapter.

     (b) A fund member who chooses to designate one (1) or more beneficiaries under this section shall file the fund member’s designation with the system board on a form prescribed by the system board.

     (c) The system board shall adopt rules to allow a fund member who designates more than one (1) beneficiary to allocate the contributions and interest paid in percentage increments.

     (d) Whenever a fund member does not designate a beneficiary under this section and has no survivors entitled to receive a benefit under section 13.8, 13.9, or 14.1 of this chapter, the system board shall refund to the fund member’s estate:

(1) the fund member’s contributions; plus

(2) interest at a rate determined by the system board.

As added by P.L.23-2010, SEC.4; P.L.62-2010, SEC.4. Amended by P.L.35-2012, SEC.141.

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