Senate Enrolled Act No. 172 - Summary

• Amends Indiana Code Chapter 36-8-8 to clarify that a parent is considered "wholly dependent" on a deceased fund member if the member claimed the parent as a dependent on their federal income tax return in the year before death

• Adds new IC 36-8-8-24 allowing fund members to designate one or more beneficiaries to receive their contributions plus interest in a lump sum if they die without receiving retirement or disability benefits and have no eligible survivors

• Requires the PERF board to adopt rules allowing members who designate multiple beneficiaries to allocate contributions and interest by percentage

• Provides that when a fund member dies without designating a beneficiary and has no eligible survivors, the PERF board shall refund the member's contributions plus interest to the member's estate

• Effective July 1, 2009 (retroactively), with an emergency declared for the act