LegalFix
Sign In

5-10-5.5-23. Voluntary benefit deductions

IN Code § 5-10-5.5-23 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 23. (a) Notwithstanding any other provision of this chapter, a participant, survivor, or beneficiary receiving a monthly benefit under this chapter may, after June 30, 2017, authorize the board to make a deduction from the monthly benefit.

(b) An authorization for a deduction from a monthly benefit paid under this chapter is valid only if all of the following requirements are met:

(1) The authorization is:

(A) in writing;

(B) signed personally by the individual receiving the monthly benefit;

(C) revocable at any time by the individual receiving the monthly benefit upon written notice to the board; and

(D) agreed to in writing by the board.

(2) An executed copy of the authorization is delivered to the board not later than ten (10) days after its execution.

(3) The deduction is made for a purpose described in subsection (c).

(c) A deduction under this section may be made for the purpose of paying any of the following:

(1) A premium on a policy of insurance for life, medical, surgical, hospitalization, dental, vision, long term care, or Medicare supplement coverage offered to retired participants by the participant's former employer, the state, or the board.

(2) Dues payable by the individual receiving the benefit to a labor organization of which the individual is a member.

As added by P.L.41-2017, SEC.1. Amended by P.L.179-2018, SEC.3.

Previous Section
5-10-5.5-22. Deferred retirement option plan
No more sections