Sec. 8. If an employee is a contributing fund member at the time the employee elects under section 5 of this chapter to participate in a retirement benefit system:
(1) the employee's rights in the fund on the date the employee's election is effective are the same as if the employee had terminated employment on that date; and
(2) the employee's election and suspension of membership in the fund are effective on July 1 immediately following the date the employee files the election with the state educational institution.
[Pre-2007 Higher Education Recodification Citations: 21-6.1-8-2(f); 21-6.1-8-2(c).]
As added by P.L.2-2007, SEC.279.
Structure Indiana Code
Article 38. State Educational Institutions: Personnel; Compensation; Benefits
Chapter 7. Transfer of Membership From Indiana State Teachers' Retirement Fund; State Appropriation
21-38-7-1. Applicability of Chapter
21-38-7-3. Power of State Educational Institutions to Establish Retirement Benefit System
21-38-7-4. Restricted Participation in Retirement Benefit System
21-38-7-5. Participation in Retirement Benefit System
21-38-7-6. Employee Election to Participate in Retirement Benefit System
21-38-7-7. Noncontributing Fund Members; Date Participation Is Effective
21-38-7-8. Contributing Fund Members; Date Participation Is Effective
21-38-7-9. Prohibition on Rejoining Fund