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5-10.3-12-20.5. Election by employee of political subdivision to become plan member; failure to make election

IN Code § 5-10.3-12-20.5 (2019) (N/A)
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Sec. 20.5. (a) This section applies to an individual described in section 1(a)(3) of this chapter who is otherwise eligible to become a member of the plan.

(b) An individual described in subsection (a) may elect to become a member of the plan on the date the individual begins the individual's employment in a covered position with a political subdivision that participates in the plan. The election applies to all service credit that the member accrues in a covered position as an employee of the political subdivision while the political subdivision participates in the plan.

(c) An election under this section:

(1) must be made in writing;

(2) must be filed with the board on a form prescribed by the board; and

(3) is irrevocable.

(d) Except as provided in section 32(b) of this chapter, an individual described in subsection (a) who does not elect to become a member of the plan becomes a member (as defined in IC 5-10.3-1-5) of the fund for all service credit that the member accrues in a covered position as an employee of the political subdivision while the political subdivision participates in the fund.

As added by P.L.241-2015, SEC.30. Amended by P.L.209-2016, SEC.5.

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5-10.3-12-20.3. Election during July 2016, by first time state employee who is fund member
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5-10.3-12-21. Plan; member accounts; rollover accounts