Section 35IAC14-7-4. Guaranteed plan

   (a) When a member elects the five (5) year guaranteed retirement plan option and does not live to exhaust the full amount of the payments, the balance shall accrue to the designated beneficiary or the estate of the member.

  (b) When a member dies prior to exhausting the balance held in the member's annuity savings account, the balance, after deducting any payments from the account, including death settlements, will be distributed to the designated beneficiary or the member's estate. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-4; filed Oct 5, 1992, 5:00 p.m.: 16 IR 711; readopted filed Dec 3, 2001, 11:02 a.m.: 25 IR 1731; adopted Nov 19, 2008: 20081126-IR-550080887ONA) NOTE: Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund (550 IAC 2-7-4) to the Board of Trustees of the Indiana Public Retirement System (35 IAC 14-7-4) by P.L.23-2011, SECTION 22, effective July 1, 2011.