Introduced Version
HOUSE BILL No. 1050
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 36-8-8-24.
Synopsis: Return of 1977 fund member contributions. Allows a
member of the 1977 police officers' and firefighters' pension and
disability fund to designate one or more beneficiaries to receive the
1977 fund member's contributions plus interest if the 1977 fund
member dies without receiving retirement or disability benefits and
without a spouse, child, or parent entitled to receive survivor benefits.
Effective: Upon passage.
January 5, 2010, read first time and referred to Committee on Labor and Employment.
Introduced
Second Regular Session 116th General Assembly (2010)
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HOUSE BILL No. 1050
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 36-8-8-24; (10)IN1050.1.1. -->
SECTION 1. IC 36-8-8-24 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]:
Sec. 24. (a) A fund member may designate one
(1) or more beneficiaries to receive in a lump sum the fund
member's contributions plus interest at a rate determined by the
PERF board if the fund member dies:
(1) without receiving a retirement benefit under sections 10
and 11 of this chapter;
(2) without receiving a disability benefit under section 13.3 or
13.5 of this chapter;
(3) without a survivor entitled to receive a benefit under
section 13.8, 13.9, or 14.1 of this chapter; and
(4) without the PERF board returning the fund member's
contributions under section 8 of this chapter.
(b) The fund member who chooses to designate one (1) or more
beneficiaries under this section shall file the fund member's
designation with the PERF board on a form prescribed by the
PERF board.
(c) The PERF board shall adopt rules to allow a fund member
who designates more than one (1) beneficiary to allocate the
contributions and interest paid in percentage increments.