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Indiana Code Title 36. Local Government § 36-8-8-24

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

Sec. 24. (a) A fund member may designate one (1) or more beneficiaries to receive in a lump sum the fund member's contributions plus interest at a rate determined by the system board if the fund member dies:

(1) without receiving a retirement benefit under sections 10 and 11 of this chapter;

(2) without receiving a disability benefit under section 13.3 or 13.5 of this chapter;

(3) without a survivor entitled to receive a benefit under section 13.8, 13.9, or 14.1 of this chapter;  and

(4) without the system board returning the fund member's contributions under section 8 of this chapter.

(b) A fund member who chooses to designate one (1) or more beneficiaries under this section shall file the fund member's designation with the system board on a form prescribed by the system board.

(c) The system board shall adopt rules to allow a fund member who designates more than one (1) beneficiary to allocate the contributions and interest paid in percentage increments.

(d) Whenever a fund member does not designate a beneficiary under this section and has no survivors entitled to receive a benefit under section 13.8, 13.9, or 14.1 of this chapter, the system board shall refund to the fund member's estate:

(1) the fund member's contributions;  plus

(2) interest at a rate determined by the system board.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-8-8-24 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-8-8-24/

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