Indiana Code 5-10.4-8-13. Member death; payment to beneficiaries
(1) while in service in a position covered by the plan; or
Terms Used In Indiana Code 5-10.4-8-13
- 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
- Dependent: A person dependent for support upon another.
to the extent that the member is vested, the member’s account shall be paid to the beneficiary or beneficiaries designated by the member on a form prescribed by the board. The amount paid must be valued as provided in IC 5-10.2-2-3. The board shall invest the total amount in the member’s account in the stable value fund not later than thirty (30) days after receiving notification of a member’s death.
(b) If there is no properly designated beneficiary, or if no beneficiary survives the member, the member’s account shall be paid to:
(1) the surviving spouse of the member;
(2) if there is not a surviving spouse, the surviving dependent or dependents of the member in equal shares; or
(3) if there is not a surviving spouse or dependent, the member’s estate.
(c) The beneficiary or beneficiaries designated under subsection (a) or a survivor determined under subsection (b) may elect to have the member’s account paid as:
(1) a lump sum;
(2) a direct rollover to another eligible retirement plan; or
(3) a monthly annuity in accordance with rules of the board.
A monthly annuity is an option only on or after the date the beneficiary or survivor becomes sixty-two (62) years of age. The board shall establish the forms of annuity by rule, in consultation with the board’s actuary. Further, the board may establish a minimum account balance or a minimum monthly payment amount that is required in order for a beneficiary or survivor to select the monthly annuity option.
As added by P.L.217-2017, SEC.58.