Sec. 15. (a) The board may adopt rules to allow a member who designates more than one (1) beneficiary to allocate benefit shares in percentage increments.
(b) This subsection applies in the case of a member who dies after June 30, 2013. Notwithstanding a contrary collateral agreement, court order, process, attachment, or levy, the right to receive a death benefit under IC 5-10.2 or this article vests with the designated beneficiary on file with the fund at the time of the member's death. The fund shall distribute the death benefit to the designated beneficiary or the designated beneficiary's estate in accordance with IC 5-10.2 and this article.
As added by P.L.99-2010, SEC.5. Amended by P.L.15-2013, SEC.3.
Structure Indiana Code
Title 5. State and Local Administration
Article 10.3. The Public Employees' Retirement Fund
5-10.3-8-0.1. Application of Certain Amendments to Chapter
5-10.3-8-1. Conditions and Computation
5-10.3-8-2. State Legislators; Average of Annual Compensation; Computation
5-10.3-8-3. Retirement Benefit Options
5-10.3-8-4. Disability Retirement; Conditions; Computation
5-10.3-8-7. Re-Employment of Retired Members
5-10.3-8-8. Payment of Retirement Benefit
5-10.3-8-10. Assignment of Benefits
5-10.3-8-12. Stopping Member's Benefit Payments; Grounds; Limitations
5-10.3-8-13. Public Employees' Retirement Fund Benefits; Cost of Living Increase
5-10.3-8-14. Retirement Medical Benefits Account
5-10.3-8-15. Allocation of Benefits; Distribution of Death Benefit