35 IAC 1.2-5-1.3 Suspension and withdrawal of DC without employer separation

Sec. 1.3. (a) "Terminated employment with the applicable fund" for purposes of this section only means that a person is no longer serving in a covered position for the applicable fund with any employer and has reached fifty-nine and one-half (59 1/2) years of age. (b) In accordance with Section 905 of the Pension Protection Act of 2006, IC 5-10.2-3-5, and IC 5-10.2-3-6.5, and unless otherwise prohibited by law, a PERF or TRF member who is no longer working in covered service with an employer but remains employed with the same employer may suspend and withdraw in a lump sum or a partial distribution the amounts in the member's defined contribution (DC) account, formerly referred to as an annuity savings account (ASA), if the member is at least fifty-nine and one-half (59 1/2) years of age at the time the member applies for the withdrawal.