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Indiana Code Title 2. General Assembly § 2-3.5-5-12

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 12. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations, the fund may accept, on behalf of any active member, a rollover distribution from any of the following:

(1) A qualified plan described in Section 401(a) or Section 403(a) [FN1] of the Internal Revenue Code.

(2) An annuity contract or account described in Section 403(b) of the Internal Revenue Code.

(3) An eligible plan that is maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state under Section 457(b) [FN2] of the Internal Revenue Code.

(4) An individual retirement account or annuity described in Section 408(a) or Section 408(b) [FN3] of the Internal Revenue Code.

(b) Any amounts rolled over under subsection (a) must be accounted for in a “rollover account” that is separate from the member's account.

(c) A member may direct the investment of the member's rollover account into any alternative investment option that the board may make available to the member's rollover account under section 3 of this chapter.

(d) A member may withdraw the member's rollover account from the fund in a lump sum at any time before retirement.  At retirement, the member may withdraw the member's rollover account in accordance with the retirement options that are available for the member's account.

1  26 U.S.C.A. § 401 or 403
2  26 U.S.C.A. § 457(b)
3  26 U.S.C.A. § 408(a) or 408(b)
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Cite this article: FindLaw.com - Indiana Code Title 2. General Assembly § 2-3.5-5-12 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-2-general-assembly/in-code-sect-2-3-5-5-12/

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