Section 35IAC1.2-5-13.1. Changes to survivor beneficiary designation or form of benefit

  1. (a) Eligible retired members may change their designated survivor beneficiary or form of benefit pursuant to IC 5-10.2-4-7.2 and this rule.

  (b) A designated change to a survivor beneficiary or form of benefit is effective when the change application is received and verified by the fund, and any resulting adjustment to the form or amount of benefit shall be paid prospectively from the first of a month following the date the change application is received and verified by the fund. For example, Gill's designated survivor predeceases him on July 1. Gill applies to remove his designated beneficiary and change his form of benefit to straight life with no survivor beneficiary on December 1. Gill's recalculated benefit will be paid beginning on the first of a month following receipt and verification of the change application. There are no retroactive payments to or reductions to Gill's benefit relating back to the date of death of his original survivor.

  (c) If a retiree makes an election to change the designated survivor or form of benefit, the retiree's benefit will be actuarially recalculated using all factors including annuity interest in effect at the time INPRS receives the member's election form. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-5-13.1; adopted Mar 6, 2015: 20150318-IR-035150060ONA)