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.
(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.
Structure Indiana Code
Title 5. State and Local Administration
Article 10. Public Employee Benefits
5-10-5.5-2. Creation; Investment of Plan Assets
5-10-5.5-2.5. Qualification of Plan Under Internal Revenue Code
5-10-5.5-3. Management; Confidentiality of Retirement Plan Records
5-10-5.5-3.5. Administration of Retirement Plan Consistent With Americans With Disabilities Act
5-10-5.5-4. Participants' Saving Fund; Creation
5-10-5.5-5. Participants; Eligibility
5-10-5.5-6. Transfer of Funds to Savings Fund
5-10-5.5-7. Transfer of Creditable Service; Credit During Disability
5-10-5.5-7.5. Purchase of Service Credit Earned in Certain Indiana Public Retirement Funds
5-10-5.5-8. Contributions; Rate; Payroll Deductions; Employer Pick-Up of Contributions
5-10-5.5-8.5. Submission of Contributions, Reports, and Records Electronically
5-10-5.5-9. Retirement Provisions
5-10-5.5-10. Retirement Allowance
5-10-5.5-12. Early Retirement Allowance; Monthly Installments
5-10-5.5-13. Permanent or Temporary Disability
5-10-5.5-14. Disability Occurring Before July 1, 1987; Allowance; Monthly Installments; Cessation
5-10-5.5-15. Surviving Mothers, Fathers, Spouses, or Unmarried Children; Eligibility for Benefits
5-10-5.5-16. Survivors' Benefits; Death Before February 1, 2018; Amount
5-10-5.5-16.3. Survivors' Benefits; Other Than Line of Duty Death After January 31, 2018; Amount
5-10-5.5-16.6. Survivors' Benefits; Line of Duty Death After January 31, 2018; Amount
5-10-5.5-17. Lump Sum Refund of Contributions or Payments
5-10-5.5-18. Termination of Service Before Accumulating 15 Years of Creditable Service
5-10-5.5-19. Public Employees Retirement Fund Law; Applicability
5-10-5.5-21. Increase in Monthly Benefits