Title 5, TITLE 5. STATE AND LOCAL ADMINISTRATION

computation Sec. 2. In computing the pension for a member of the general assembly, the average of the annual compensation is the highest compensation which the member received in any one (1) year while engaged in a position covered by the fund in state service, as a teacher, and …

Sec. 3. Retirement Benefit Options. A member may have his retirement benefits paid under the options specified in IC 5-10.2-4-7. As added by Acts 1977, P.L.53, SEC.3.

Sec. 4. Disability Retirement and Disability Retirement Benefit. The conditions for a member's disability retirement and the computation of his disability retirement benefit are stated in IC 5-10.2-4-6. As added by Acts 1977, P.L.53, SEC.3.

Sec. 5. A member may petition the board to correct an error in the determination of the member's: (1) creditable service; or (2) benefit; at any time. The petition must contain the necessary information to sustain the member's claim of error. The board shall investigate the claim…

Sec. 6. Death Settlements. The conditions for payments upon the death of a member before retirement are stated in IC 5-10.2-3. As added by Acts 1977, P.L.53, SEC.3.

Sec. 7. Re-employment of Retired Members. The re-employment of retired members is covered under IC 5-10.2-4. As added by Acts 1977, P.L.53, SEC.3.

Sec. 8. Except as provided under IC 5-10.2-4-7(f), the retirement benefit is payable in equal monthly installments. The benefit may not be increased, decreased, revoked or repealed except for error or by action of the general assembly. As added by Acts 1977, P.L.53, SEC.3. Amende…

employers; withholding payments while charges of criminal taking from employer pending Sec. 9. (a) All benefits, refunds of contributions, and money in the fund are exempt from levy, sale, garnishment, attachment, or other legal process. However, the member's contributions or ben…

Sec. 1. (a) Except as provided in subsection (b), this chapter applies after the effective date of the plan to an individual who: (1) begins employment with a school corporation in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4; a…

Sec. 10. (a) An employer shall make employer contributions to the plan based on the rate determined under this section. (b) The employer's contribution rate for the plan must be equal to the employer's contribution rate for the fund as determined by the board under IC 5-10.2-2-11…

employer contribution subaccount; forfeiture of employer contributions Sec. 11. (a) Member contributions and net earnings on the member contributions in the member contribution subaccount belong to the member at all times and do not belong to the employer. (b) A member is vested …

Sec. 12. (a) After December 31, 2020, subject to the provisions of the Internal Revenue Code applicable to qualified plan distributions, a member who terminates service in a covered position is entitled to withdraw all or part of the amounts in the member's account to the extent …

Sec. 13. (a) If a member dies: (1) while in service in a position covered by the plan; or (2) after terminating service in a position covered by the plan but before withdrawing the member's account; to the extent that the member is vested, the member's account shall be paid to th…

attachment, or other legal process; limited assignment by member Sec. 14. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process. (b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the fo…

Sec. 15. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations and guidance, the plan may accept, on behalf of any member, a rollover distribution from any of the following: (1) A qualified plan described in Section 401(a) or Section 403(a) of th…

Sec. 16. (a) If a member becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member's qualification for Social Security disability benefits to the board, to the extent …

Sec. 17. (a) If a member of the plan separates from employment with the member's employer and later returns to employment in a position covered by the plan: (1) the individual resumes membership in the plan; and (2) the member is entitled to receive credit for the member's years …

Sec. 2. The following definitions apply throughout this chapter: (1) "Account" means the plan account established for a member under section 7(b) of this chapter. (2) "Annuity savings account" means the annuity savings account of the 1996 account maintained under IC 5-10.2-2-2(b)…

approval Sec. 3. Except as otherwise provided in this chapter or by federal law, and subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the provisions of this article that apply to the annuity savings acc…

Sec. 4. (a) The teachers' defined contribution plan is established for the purpose of providing amounts funded by an employer and a member for the use of the member or the member's beneficiaries or survivors after the member's retirement. (b) The board shall adopt provisions to i…

Sec. 5. The board may request from the Internal Revenue Service any rulings or determination letters that the board considers necessary or appropriate in order to implement or administer the plan. As added by P.L.217-2017, SEC.58. IC 5-10.4-8-6 Election to become a member of plan…

Sec. 7. (a) The plan consists of the following: (1) Each member's contributions to the plan under section 9 of this chapter. (2) Contributions made by an employer to the plan on behalf of each member under section 10 of this chapter. (3) Rollovers to the plan by a member under se…

Sec. 8. (a) Subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the board shall establish: (1) a stable value fund for the plan; and (2) alternative investment programs for the plan. (b) The board may adop…

member contribution; additional member contribution Sec. 9. (a) Each member's contribution to the plan is equal to three percent (3%) of the member's compensation. (b) An employer shall pay a member's contribution on behalf of the member. (c) To the extent permitted by the Intern…