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33-38-7-14. Payments to participant's surviving spouse, dependents, or estate

IN Code § 33-38-7-14 (2019) (N/A)
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Sec. 14. (a) Benefits provided under this section are subject to IC 33-38-6-13 and section 16 of this chapter.

(b) If annuities are not payable to the survivors of a participant who dies after July 1, 1983, the surviving spouse or child or children of the participant, if any, as determined by the participant, and if none survive, then any dependent or dependents surviving shall draw from the fund the amount that the participant paid into the fund plus interest at a rate specified by rule by the board. If no spouse, child or children, or other dependents survive, then the amount, plus interest at a rate specified by rule by the board and minus any payments made to the participant, shall be paid to the executor or administrator of the participant's estate.

(c) The amount owed a spouse, child or children, or other dependent, or estate under this section is payable within sixty (60) days after date of the withdrawal application or in the monthly installments as the recipient may elect.

[Pre-2004 Recodification Citation: 33-13-9.1-7.]

As added by P.L.98-2004, SEC.17. Amended by P.L.16-2011, SEC.3.

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33-38-7-15. Annuities; payment to dependent children