Indiana Code 5-10.3-12-30. Member accounts; disability withdrawals; forms of payment
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Sec. 30. (a) If a member becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member’s qualification for Social Security disability benefits to the board, to the extent that the member is vested, the member may make a full or partial withdrawal from the member’s account.
(1) a lump sum;
(b) The member may elect to have the withdrawal paid as:
Terms Used In Indiana Code 5-10.3-12-30
- account: means the plan account established for a member under section 21(b) of this chapter. See Indiana Code 5-10.3-12-2
- 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.
- board: has the meaning set forth in Indiana Code 5-10.3-12-4
- member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
- plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15
(2) a direct rollover to another eligible retirement plan; or
(3) a monthly annuity in accordance with the rules of the board.
(c) The board may establish a minimum account balance or a minimum monthly payment amount in order for a member to select the monthly annuity option.
As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.34; P.L.27-2019, SEC.11.