Sec. 3. (a) If a member dies while on a classroom disability benefit, the member’s total classroom disability benefit payments are deducted from the funds that are paid to the member’s estate or designated beneficiary.

     (b) If a member stops receiving a classroom disability benefit, returns to teaching, and dies before retirement, the member’s total classroom disability benefit payments are deducted from any death benefit payable to the member’s estate or designated beneficiary.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-4.]

As added by P.L.2-2006, SEC.28.

Terms Used In Indiana Code 5-10.4-5-3

  • 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