SOURCE: Page 5, line 16; (02)MO005903.5. -->
Page 5, between lines 16 and 17, begin a new paragraph and insert:
SOURCE: IC 5-10.2-4-8.2; (02)MO005903.6. -->
"SECTION 6. IC 5-10.2-4-8.2 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 8.2. (a)
Notwithstanding section 8 of this chapter, if a member who is
receiving retirement benefits is elected or appointed to an elected
position covered by this article, the member shall file a written,
irrevocable election with the board to continue or discontinue
retirement benefits while the member holds the elected position.
(b) If a member:
(1) is elected or appointed to an elected position and:
(A) becomes at least fifty-five (55) years of age; and
(B) completes at least twenty (20) years of service; or
(2) is serving in any other position covered by this article and:
(A) becomes at least
seventy-five (75) seventy (70) years of
age; and
(B) completes at least twenty (20) years of service;
while holding the position, the member may file a written, irrevocable
election to begin receiving, while holding the position, retirement
benefits to which the member would be entitled by age and service. A
member who does not make the irrevocable election while holding the
position is entitled to retroactive payments to cover any period from
the date the member qualifies to make the election under this
subsection to the date the member files the election under this
subsection.
(c) The form and content of an election shall be prescribed by the
board. If the member elects to discontinue receiving retirement
benefits, the member shall make contributions as required in
IC 5-10.2-3-2. If the member elects to continue or begin receiving
benefits:
(1) the member may continue to make contributions under
IC 5-10.2-3-2 but is not required to do so; and
(2) the member waives the accrual of service credit and the right
to any supplemental benefit from service in the position, except
to the extent that the value of the accrual of additional service
credit and any supplemental benefit exceeds the actuarial value
of the benefits received under this chapter and that were
continued or begun pursuant to an election under this section.
(d) Except to the extent of the liability for any additional benefit
accrued under subsection (c)(2), the employer shall make the
employer's contribution only for past service liability based on the
salary for the position of a member who elects under subsection (a) or
(b) to continue or begin receiving retirement benefits.
(e) Section 10 of this chapter applies to a member who elects under
subsection (a) to discontinue receiving retirement benefits. Section 10
of this chapter does not apply, while the member holds a position
covered by this article, to a member who elects under subsection (a)
or (b) to continue or begin receiving retirement benefits.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 59 as printed February 22, 2002.)
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MO005903/DI 102 2002