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2-3.5-4-8. Manner of payment; application for benefits; termination

IN Code § 2-3.5-4-8 (2019) (N/A)
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Sec. 8. (a) All benefits payable under this chapter shall be paid in equal monthly installments. The date on which payments begin must be the first day of a month and must be after the date on which the participant's service as a member of the general assembly is terminated.

(b) Retirement dates specified by a participant under sections 2, 4, and 5 of this chapter may not be more than six (6) months before the date the retirement application is received by the board.

(c) All applications for benefits under this chapter must be made on forms provided by the board.

(d) If a participant who is receiving retirement benefits under this chapter again becomes a member of the general assembly, the participant's retirement benefit shall stop. Upon the participant's subsequent retirement or death, the participant's benefits shall be recalculated on an actuarial basis, taking into account:

(1) benefit payments previously received; and

(2) the date of subsequent termination of employment as a member of the general assembly.

As added by P.L.6-1989, SEC.1.

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