35 IAC 13-1-1 Required minimum distribution procedure

Sec. 1. (a) Distribution of each member's entire benefit must begin by April 1 of the calendar year following the later of the calendar year in which the member: (1) attains seventy and one-half (70 1/2) years of age if the member turns seventy and one-half (70 1/2) on or before December 31, 2019; (2) attains seventy-two (72) years of age if the member turns seventy and one-half (70 1/2) on or after January 1, 2020; or (3) retires (the required beginning date). (b) Members who are not vested and retired members who deferred withdrawal of their ASA will automatically receive annual required minimum distributions if the member reaches the required beginning date without taking a distribution. The balance of the account shall remain invested as previously directed by the member. (c) A vested member entitled to a monthly benefit is subject to mandatory distribution of the pension benefit if the member did not elect to begin the pension benefit before the required beginning date. The pension benefit shall be calculated based on a five (5) year guarantee as described in IC 5-10.2-4-7(b). (d) INPRS will attempt to notify members of a potential required minimum distribution prior to the member's required beginning date if INPRS is able to locate a current valid address for the member utilizing an existing locator service. If INPRS is unable to locate a current valid address for a member who has not taken a distribution by the required beginning date, no such distribution shall be made until the member is located. Once a valid address is located distributions will proceed as set forth in subsections (b) and (c), less any taxes or penalties owed.