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IN HB1559

Bill

Official Source

Status

Introduced

1/22/2013

Primary Sponsor

Martin Carbaugh

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Amends IC 5-10.2-4-1.6 to establish distribution timelines for annuity savings accounts (ASA) in the Teachers' Retirement Fund (TRF) and Public Employees' Retirement Fund (PERF)
  • Requires TRF and PERF to send members information about ASA distribution options within 10 days of receiving a retirement benefits application request
  • Mandates processing and payment of lump sum or rollover distributions by the later of 90 days after receiving the member's distribution choice or 10 business days after the member's last day of service
  • Applies to members who request retirement benefits after June 30, 2013 and have not previously withdrawn their ASA
  • Effective July 1, 2013

Legislative Description

PERF and TRF annuity savings account (ASA) distributions.

Last Action

First reading: referred to Committee on Employment, Labor and Pensions

1/22/2013

Committee Referrals

Employment, Labor and Pensions1/22/2013

Full Bill Text

No bill text available