Section 35IAC1.2-1-8. Vested status

   (a) A member entitled to vested status due to:

(1) the lottery commission conversion to PERF under IC 4-30-3-14.5;

(2) the withdrawal of a political subdivision or miscellaneous participating entity under IC 5-10.3-6-8, IC 5-10.3-6-8.5, or IC 5-10.2-2-20;

(3) termination from state employment as a result of transfer of state property to a nongovernmental entity or a contractual arrangement with a nongovernmental entity to perform certain state functions under IC 5-10.3-6-8.9; or

(4) any other position where the member is entitled to vested status by law, despite having less than ten (10) years of service;

is not entitled to additional creditable or eligibility service to reach vested status.

  (b) Vested, under this rule, is a status and no eligibility service or other service may be used to attain vested status. For example: Jodi was an employee of the lottery commission with three (3) years of lottery commission service when she became a PERF member on July 1, 2013, while still being employed by the lottery commission. Jodi is vested with three (3) years of service. No eligibility service is added to these three (3) years to arrive at ten (10) years of service. If Jodi were to work five (5) more years in a PERF covered position, she would have eight (8) years of service and would be eligible for a PERF pension benefit when she is sixty-five (65) years of age. Jodi would not be service eligible to begin receiving a benefit prior to attaining age sixty-five (65). (Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-1-8; adopted Sep 11, 2015: 20150923-IR-035150302ONA)