Sec. 17. (a) Any participant whose employment as an officer is terminated before accumulating fifteen (15) years of creditable service and is not receiving a disability benefit under this chapter shall be entitled to a lump-sum refund of all contributions standing to the participant’s credit in the participants’ savings fund plus accumulated interest thereon.

     (b) This subsection applies to participants who die before February 1, 2018. If a participant dies before accumulating fifteen (15) years of creditable service, all contributions standing to the participant’s credit in the participants’ savings fund plus the accumulated interest thereon shall be paid by the board to the person the participant shall nominate by written direction duly acknowledged and filed with the board. The payment may be in the form of a lump sum or a series of payments, at the discretion of the board.

Terms Used In Indiana Code 5-10-5.5-17

  • 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
  • Board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 5-10-5.5-1
  • Interest: means the rate of interest specified by rule by the board of trustees of the Indiana public retirement system established by Indiana Code 5-10-5.5-1
  • Officer: means any Indiana state excise police officer, any Indiana state conservation enforcement officer, any gaming agent, or any gaming control officer. See Indiana Code 5-10-5.5-1
  • Participant: means any officer who has elected to participate in the retirement plan created by this chapter. See Indiana Code 5-10-5.5-1
     (c) If a participant dies before accumulating fifteen (15) years of creditable service and has nominated no beneficiary, or in the event that the participant’s nominee predeceases the participant, all contributions standing to the participant’s credit in the participants’ savings fund, plus accumulated interest thereon shall be paid by the board to the estate of the deceased participant. The payment may be in the form of a lump sum or a series of payments, at the discretion of the board.

     (d) If a participant terminates the participant’s employment after accumulating fifteen (15) years of creditable service, but before becoming eligible for any benefits under this chapter, no refund of contributions and interest shall be allowed. In such case, the participant’s contributions shall be retained by the board until the participant becomes eligible for benefits. At that time, benefits shall be paid to, or on behalf of the participant in the same manner and in the same amount as all similar benefits are paid.

Formerly: Acts 1972, P.L.1, SEC.1. As amended by P.L.6-2020, SEC.7; P.L.32-2021, SEC.8.

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