Indiana Code 5-10-5.5-23. Voluntary benefit deductions
(b) An authorization for a deduction from a monthly benefit paid under this chapter is valid only if all of the following requirements are met:
Terms Used In Indiana Code 5-10-5.5-23
- 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
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- 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
(A) in writing;
(B) signed personally by the individual receiving the monthly benefit;
(C) revocable at any time by the individual receiving the monthly benefit upon written notice to the board; and
(D) agreed to in writing by the board.
(2) An executed copy of the authorization is delivered to the board not later than ten (10) days after its execution.
(3) The deduction is made for a purpose described in subsection (c).
(c) A deduction under this section may be made for the purpose of paying any of the following:
(1) A premium on a policy of insurance for life, medical, surgical, hospitalization, dental, vision, long term care, or Medicare supplement coverage offered to retired participants by the participant’s former employer, the state, or the board.
(2) Dues payable by the individual receiving the benefit to a labor organization of which the individual is a member.
As added by P.L.41-2017, SEC.1. Amended by P.L.179-2018, SEC.3.