35 IAC 1.2-6-8 Annuity savings account contributions received by PERF subsequent to processing of retirement benefit

Sec. 8. (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) 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.