35 IAC 1.2-5-23 - Stale checks

Authority: IC 5-10.2-2-1; IC 5-10.5-4-2

Affected: IC 5-10.2-2-3; IC 5-10.2-3-6; IC 5-10.2-4-2

Sec. 23.

Whenever a member applies for a distribution from the member's annuity savings account, an effective distribution will be deemed to have occurred as of the date the check is issued. If the member fails to negotiate the check within one hundred eighty (180) days from issuance, the amount of the check may be credited to the fund as posttax monies and it will not be further adjusted for earnings, interest, or losses. The fund will retain the monies until the member claims them in writing.

Notes

35 IAC 1.2-5-23

Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-5-23; adopted Dec 17, 2010: 20101229-IR-035100777ONA