35 IAC 14.1-7-4 Annuity savings account contributions received by INPRS subsequent to processing of retirement benefit

Sec. 4. (a) Notwithstanding a participant's election to receive an annuity provided by the amounts credited to the participant's annuity savings account at retirement, annuity savings account contributions totaling not more than one thousand dollars ($1,000) posted to a participant's account after the final date on which the participant's benefit is processed shall be distributed to the participant in a lump sum payment. (b) A participant may elect to receive annuity savings account contributions exceeding one thousand dollars ($1,000) posted to a participant's account after the final date on which the participant'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 the provisions of the Internal Revenue Code applicable to qualified plan distributions, a participant who: (1) terminates service in a covered position; and (2) does not perform any service in a position covered by the fund for at least thirty (30) days after the date on which the participant terminates service; is entitled to withdraw amounts in the participant's account to the extent the participant is vested in the account.