Section 35IAC14-7-2.1. Retirement benefit commencement without employer separation

  1. For retirements after the effective date of this rule, in accordance with Section 905 of the Pension Protection Act of 2006, and unless otherwise prohibited by law, a PERF or TRF participant who:

(1) is no longer working in PERF or TRF covered service with an employer;

(2) is actively working with the same employer; and

(3) is working in a non-PERF or non-TRF covered position;

is entitled to retire from PERF or TRF and begin receiving retirement benefits if the participant is otherwise eligible for retirement and the participant has reached normal retirement age, as defined in 35 IAC 1.2-1-4. For example, Steve is sixty-five (65) years of age and has fifteen (15) years of PERF service as a state of Indiana employee. Steve is elected as a judge eligible for service in the judges' retirement system (JRS). Steve terminates his previous state of Indiana PERF covered employment and immediately begins serving as a judge participating in the JRS. Since Steve is age and service eligible for a PERF benefit, has attained normal retirement age, as defined in 35 IAC 1.2-1-4, and has terminated his PERF covered position, he is eligible to begin receiving PERF retirement benefits even though Steve did not separate from state employment. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-2.1; adopted Mar 6, 2015: 20150318-IR-035150060ONA; adopted Sep 11, 2015: 20150923-IR-035150302ONA)