Indiana Code 5-10.4-4-10. Designation of beneficiary; allocation of benefits
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Sec. 10. (a) The director shall obtain a designation of beneficiary as soon as possible from each member.
(c) Notwithstanding a contrary collateral agreement, court order, process, attachment, or levy, the right to receive a death benefit under IC 5-10.2 or this article vests with the designated beneficiary on file with the fund at the time of the member’s death. The fund shall distribute the death benefit to the designated beneficiary or the designated beneficiary’s estate in accordance with IC 5-10.2 and this article.
(b) The board may adopt rules to allow a member who designates more than one (1) beneficiary to allocate benefit shares in percentage increments.
Terms Used In Indiana Code 5-10.4-4-10
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-8.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.16; P.L.99-2010, SEC.7.