Death in service; survivor benefit options

Authority: IC 5-10.5-4-2 Affected: IC 5-10.2-3-7.5; IC 5-10.2-3-8; IC 5-10.4-5-12 Sec. 1. (a) Provided no other beneficiary has been designated to receive the annuity savings account, a qualified spouse or dependent of a member who died while in active service may secure payment of survivor benefits in either of the following forms: (1) A lump sum withdrawal of the annuity savings account plus a monthly benefit. (2) A monthly benefit which includes actuarial distributions from the annuity savings account. (b) Whenever the member is survived by a spouse to whom the member was not married for at least two (2) years, the spouse will not receive a monthly benefit but may be entitled to all or a portion of the annuity savings account if designated as a beneficiary thereof. (c) Whenever the member is survived by a qualified spouse, dependents will not receive a monthly benefit but may be entitled to all or a portion of the annuity savings account when designated as beneficiaries. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-6-1; filed Oct 5, 1992, 5:00 p.m.: 16 IR 709; readopted filed Dec 3, 2001, 11:02 a.m.: 25 IR 1731; adopted Nov 19, 2008: 20081126-IR-550080887ONA) NOTE: Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund (550 IAC 2-6-1) to the Board of Trustees of the Indiana Public Retirement System (35 IAC 14-6-1) by P.L.23-2011, SECTION 22, effective July 1, 2011.