35 IAC 1.2-6-5.5 - Adjustments

Authority: IC 5-10.2-2-1.5; IC 5-10.5-4-2

Affected: IC 5-10.2-3-2; IC 5-10.2-2-11; IC 5-10.3; IC 6-8.1-10-1

Sec. 5.5.

(a) When the employer submits the correct contributions to a member's ASA, but PERF posts the contributions to an incorrect account, the principal amount will be removed from the incorrect account. The principal amount adjusted at the interest rate defined in subsection (b) will be posted to the correct account.

(b) For purposes of this section, the interest rate shall be determined by the executive director annually, and shall not exceed the rate of interest set each year within IC 6-8.1-10-1(b).

(c) Prior to the passage of 35 IAC 1.2-5-23, any member whose ASA lump sum full or partial distribution was not negotiated within one hundred eighty (180) days will receive interest on the amount of the payment beginning on the one hundred eighty-first day after the distribution was made at the interest rate defined in subsection (b).

Notes

35 IAC 1.2-6-5.5

Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-6-5.5; adopted Feb 19, 2010: 20100310-IR-035100124ONA; adopted Sep 16, 2010: 20100929-IR-035100611ONA; adopted Nov 19, 2010: 20101208-IR-035100722ONA; adopted Dec 17, 2010: 20101229-IR-035100777ONA; adopted Apr 29, 2011: 20110511-IR-035110273ONA