Conversion of ASA monies to a third party annuity provider any time after January 2017

Authority: IC 5-10.5-4-2 Affected: IC 5-10.2-3; IC 5-10.2-4; IC 5-10.5-4-2.6 Sec. 20. (a) A member who, upon filing for regular, early, or disability retirement benefits, elects to convert the balance of the ASA to an annuity shall be entitled to convert the ASA funds with INPRS and INPRS shall be the annuity provider so long as: (1) the member's retirement date (as determined under IC 5-10.2-4-1.3), disability retirement date, or retirement date due to an election made under IC 5-10.2-4-8.2 is prior to January 1, 2018; and (2) INPRS receives the member's retirement application prior to December 1, 2017. (b) A member who deferred their ASA under IC 5-10.2-4-2 (c) and elects to convert the balance of the deferred ASA to an annuity shall be entitled to convert the ASA funds with INPRS and INPRS shall be the annuity provider so long as INPRS receives the member's postretirement payment of ASA election form prior to December 1, 2017. (c) INPRS shall continue to provide the annuity for all members described in subsections [subsection] (a) or (b), regardless of a member's election to change their pension option or beneficiary designation. (d) Beneficiaries receiving a benefit pursuant to IC 5-10.2-3 who elect to annuitize the ASA are entitled to an annuity provided by INPRS so long as: (1) the deceased member's retirement date is prior to January 1, 2018; and (2) INPRS receives the member's survivor benefit application prior to December 1, 2017. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-6-20; adopted Jun 23, 2017: 20170705-IR-035170307ONA)