Withdrawal of money contributed after December 31, 2015

Sec. 11.5. If an employer contributes money to an account under this chapter after December 31, 2015, for which no exemption applies under IC 6-3-2-18(c) and for which no exemption or exclusion applies under the Internal Revenue Code at the time of contribution: (1) the money may be withdrawn from the account by the employee at any time and for any purpose without a penalty; and (2) the withdrawal of the principal amount contributed by the employer is not income to the employee that is subject to taxation under IC 6-3-1 through IC 6-3-7. As added by P.L.250-2015, SEC.46. Amended by P.L.122-2016, SEC.8.