Authority: IC 2-3.5-3-4; IC 5-10.3-11-2; IC 5-10.5-4-2; IC
33-38-6-23; IC 33-39-7-11; IC 36-8-8-5
Affected: IC 2-3.5; IC 5-10-5.5; IC 5-10.3; IC 5-10.5; IC
33-39-7; IC 36-8
definitions in this section apply throughout this article.
(b) "Board of trustees" means the board of
trustees of the public employees' retirement fund.
"Code" means the Internal Revenue Code of
1986, 26 U.S.C. 1
et seq., and all amendments related thereto.
(d) "Direct rollover" means a payment from an
eligible retirement plan specified by the member to the fund.
"EGTRRA" means the Economic Growth and
Tax Relief Reconciliation Act of 2001,
, and all applicable regulations and
amendments related thereto.
"Eligible retirement plan" means:
individual retirement account described in Section 408(a) of the
(2) an individual retirement
annuity described in Section 408(b) of the Code;
(3) an annuity plan described in Section
403(a) of the Code;
(4) a qualified
trust described in Section 401(a) of the Code;
(5) an eligible deferred compensation plan
under Section 457(b) of the Code that is maintained by a state, a political
subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state (so long as the plan agrees to separately
account for amounts rolled into the plan); or
(6) an annuity contract under Section 403(b)
of the Code; that accepts the distributee's eligible rollover
"Eligible rollover distribution" means any distribution of all or any taxable
portion of the benefit to the credit of a member or a member's spouse, except
that an eligible rollover distribution does not include the following:
(1) Any distribution that is one (1) of a
series of substantially equal periodic payments, paid not less frequently than
annually, made for the life or life expectancy of the member and the member's
distribution that is one (1) of a series of substantially equal periodic
payments for a specified period of ten (10) years or more.
(3) Any distribution to the extent such
distribution is required under Section 401(a)(9) of the Code.
The portion of any distribution that is
not includible in gross income, provided that any portion of any distribution
that is not includible in gross income may be an eligible rollover distribution
for purposes of a rollover to either:
traditional individual retirement account or individual retirement annuity;
(B) a qualified trust that is
part of a plan that is a defined contribution plan that will separately account
for the taxable and nontaxable portions of the distribution, in a direct
(5) Any distribution that is made upon
hardship by the member.
(h) "Fund" or "funds" means the legislators'
retirement system, public employees' retirement fund, state excise police,
gaming agent, gaming control officer and conservation enforcement officers'
retirement plan, judges' retirement fund, prosecuting attorneys retirement
fund, and the 1977 fund.
means the Internal Revenue Service.