Section 35IAC14-3-5. Automatic distribution of ASA assets

   (a) Whenever a member is suspended pursuant to IC 5-10.2-3-5(c), the fund shall conduct an investigation to locate the member.

  (b) Reasonable costs of locating the member may be charged against the member's ASA.

  (c) Pursuant to IC 5-10.2-3-6(d), whenever a valid address can be determined for the member, the fund shall automatically make a lump-sum distribution to the member from the member's ASA not to exceed one thousand dollars ($1,000).

  (d) Contemporaneously with the distribution, the fund shall serve notice to the member explaining the reason for the distribution.

  (e) Pursuant to IC 5-10.2-3-6(b), if the member is not located and does not claim his monies within five (5) years after suspension, the monies shall be credited to the fund and the fund shall retain the monies until the member or the member's beneficiary claims them with no further interest credits or earnings after the monies are credited to the fund. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-3-5; adopted Dec 16, 2009: 20100106-IR-550090990ONA) NOTE: Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund (550 IAC 2-3-5) to the Board of Trustees of the Indiana Public Retirement System (35 IAC 14-3-5) by P.L.23-2011, SECTION 22, effective July 1, 2011.