35 IAC 20-1-10 Forfeitures

Sec. 10. Any amount remaining in a retired employee's PERF 401(h) Account will be forfeited upon the death of the last to die of the retired employee or the retired employee's spouse or when the retired employee's dependents are no longer dependents under section 2(d) of this rule. Any forfeiture of a PERF 401(h) Account will be used to reduce state contributions and cannot be used to fund retirement benefits. If the Public Employees' Retirement Fund is terminated, any amounts remaining in PERF 401(h) Accounts shall revert back to the state.