Indiana Administrative Code
Title 35 - BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM
Article 8 - PUBLIC EMPLOYEES' RETIREMENT FUND MODEL PLAN AMENDMENTS
Rule 1 - Adoption of IRS Model Amendment to Comply with the Unemployment Compensation Amendments of 1992
Section 1-1 - Definitions

Universal Citation: 35 IN Admin Code 1-1

Current through September 18, 2024

Authority: IC 2-3.5-3-4; IC 5-10.3-11-2; IC 5-10.5-4-2; IC 33-13-8-25; IC 33-14-9-10; IC 36-8-8-5

Affected: IC 2-3.5; IC 5-10-5.5; IC 5-10.3; IC 5-10.5; IC 33-13-8; IC 33-14-9; IC 36-8

Sec. 1.

(a) The definitions in this section apply throughout this article.

(b) "Board of trustees" means the board of trustees of the public employees' retirement fund.

(c) "Code" means the Internal Revenue Code of 1986, 26 U.S.C. 1 et seq., and all amendments related thereto.

(d) "EGTRRA" means the Economic Growth and Tax Relief Reconciliation Act of 2001, P.L. 107-16, and all applicable regulations and amendments related thereto.

(e) "Eligible rollover distribution" means any distribution of all or any taxable portion of the benefit to the credit of a member or a member's spouse, except that an eligible rollover distribution does not include the following:

(1) Any distribution that is one (1) of a series of substantially equal periodic payments, paid not less frequently than annually, made for the life or life expectancy of the member and the member's designated beneficiary.

(2) Any distribution that is one (1) of a series of substantially equal periodic payments for a specified period of ten (10) years or more.

(3) Any distribution to the extent such distribution is required under Section 401(a)(9) of the Code.

(4) The portion of any distribution that is not includible in gross income, provided that any portion of any distribution that is not includible in gross income may be an eligible rollover distribution for purposes of a rollover to either:
(A) a traditional individual retirement account or individual retirement annuity; or

(B) a qualified trust that is part of a plan that is a defined contribution plan that will separately account for the taxable and nontaxable portions of the distribution, in a direct trustee-to-trustee transfer; or

(C) on or after January 1, 2007, a qualified trust that is part of a plan that is a defined benefit plan or an annuity contract described in Section 403(b) of the Internal Revenue Code that will separately account for the taxable and nontaxable portions of the distribution, in a direct trustee-to-trustee transfer.

(5) Any distribution that is made upon hardship by the member.

(f) "Fund" or "funds" means the legislators' retirement system, public employees' retirement fund, state excise police, gaming agent, gaming control officer and conservation enforcement officers' retirement plan, judges' retirement fund, 1977 police officers' and firefighters' pension and disability fund, the prosecuting attorneys retirement fund, and funds funded through the pension relief fund.

(g) "IRS" means the Internal Revenue Service.

(h) "UCA" refers to the federal Unemployment Compensation Amendments of 1992, P.L. 102-318, and all applicable regulations and amendments related thereto.

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