Sec. 7. (a) When a member retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits and if the member or survivor chooses to receive an annuity from the fund, the annuity savings account shall be charged with the amount credited to him in the account. This amount shall be credited to the retirement allowance account, and the annuity shall be paid from this account.
(b) When:
(1) a member of the public employees' retirement fund who is an employee of a participating political subdivision; or
(2) a member of the Indiana state teachers' retirement fund who is covered by the 1996 account and is an employee of a school corporation or other institution;
retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits, the political subdivision's, school corporation's, or other institution's account in the retirement allowance account shall be charged with an amount equal to the actuarial reserve of the member's retirement pension or the survivor benefit. The amount charged shall be credited to the retirement allowance account, and the retirement pension or survivor benefit shall be paid from this account.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.35-1985, SEC.6; P.L.54-1993, SEC.8.
Structure Indiana Code
Title 5. State and Local Administration
Article 10.2. Public Retirement and Disability Benefits
Chapter 2. The Retirement Funds
5-10.2-2-0.1. Application of Certain Amendments to Chapter
5-10.2-2-1.5. Qualification Under Internal Revenue Code
5-10.2-2-2. Separate Accounts and Subaccounts
5-10.2-2-2.5. Investment Guidelines and Limits Established by Boards; Commingling of Assets
5-10.2-2-3.3. Crediting Interest in Annuity Savings Accounts
5-10.2-2-4.1. Crediting Interest and Omitted Contributions After December 31, 2016
5-10.2-2-6. Retirement Allowance Accounts
5-10.2-2-7. Transfer of Accounts
5-10.2-2-8. Payment and Computation of Benefits for Combined Creditable Service
5-10.2-2-9. Actuarial Investigation and Valuation
5-10.2-2-11.5. Employer Contribution Rates for Vincennes University
5-10.2-2-12. State Appropriation
5-10.2-2-12.5. Submission of Contributions, Records, and Reports Electronically
5-10.2-2-13. Custodial Agreements for Securities; Servicing of Mortgages; Securities Lending Program
5-10.2-2-14. Transfer of Benefits to Financial Institutions; Rollover
5-10.2-2-20. Withdrawal of Miscellaneous Participating Entity
5-10.2-2-21. Freeze in Participation by Miscellaneous Participating Entity
5-10.2-2-23. Election or Discretionary Action by Branch of State Government
5-10.2-2-24. Transition From Guaranteed Program to Stable Value Fund Program