Section 35IAC14-7-5. Annuity savings account contributions received by TRF subsequent to processing of retirement benefit

   (a) Notwithstanding a member's election to receive an annuity provided by the amounts credited to the member's annuity savings account at retirement, annuity savings account contributions totaling not more than one thousand dollars ($1,000) posted to a member's account after the final date on which the member's benefit is processed shall be distributed to the member in a lump-sum payment.

  (b) No later than October 1, 2014, a member may elect to receive annuity savings account contributions exceeding one thousand dollars ($1,000) posted to a member's account after the final date on which the member's benefit is processed in either a lump-sum payment or as a direct rollover to a non-TRF tax deferred account.

  (c) Pursuant to IC 5-10.2-4-2(b)(2), a member electing to fully or partially annuitize the member's annuity savings account in contemplation of separation from service and retirement, excluding state long-term disabilitants, will have the entire amount in the member's annuity savings account moved into a fixed value account, set at the same rate as the guaranteed fund. Once the annuity savings account is moved into a fixed value account in contemplation of retirement, the election cannot be changed. In addition, any annuity savings account contributions posted to a member's account subsequent to the final date on which the member's benefit is processed shall be held in a fixed value account, set at the same rate as the guaranteed fund, until such time as that amount is distributed to the member. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-5; adopted Dec 16, 2009: 20100106-IR-550090990ONA; adopted Nov 19, 2010: 20101208-IR-550100723ONA; adopted Jun 20, 2014: 20140820-IR-035140335ONA) NOTE: Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund (550 IAC 2-7-4.5) to the Board of Trustees of the Indiana Public Retirement System (35 IAC 14-7-5) by P.L.23-2011, SECTION 22, effective July 1, 2011.