Senate Enrolled Act No. 117 Summary

• Amends Indiana Code IC 5-10.2-4-2 regarding retirement benefits for public employees' retirement fund members, effective July 1, 2014.

• Allows automatic lump sum distribution of contributions not exceeding $1,000 posted to a member's annuity savings account after their retirement benefit is processed, determined by board rules.

• Requires board to obtain member consent for distribution form if the amount exceeds $1,000.

• Provides members options to receive distributions from annuity savings accounts either as the entire balance or as an amount equal to their federal income tax basis as of December 31, 1986, with remaining funds converted to an annuity.

• Requires all retirement benefit distributions to comply with Section 401(a)(9) of the Internal Revenue Code.