Bill Text: IN HB1560 | 2013 | Regular Session | Enrolled
Bill Title: Rollovers of school retirement accounts.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-05-13 - Public Law 23 [HB1560 Detail]
Download: Indiana-2013-HB1560-Enrolled.html
First Regular Session 118th General Assembly (2013)
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HOUSE ENROLLED ACT No. 1560
AN ACT to amend the Indiana Code concerning pensions.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 20-26-5-34; (13)HE1560.1.1. -->
SECTION 1. IC 20-26-5-34 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2013]: Sec. 34. (a) This section applies to a school corporation
that, after June 30, 2013, establishes, amends, renews, or modifies
a retirement, savings, or severance plan described under Section
401(a), Section 403(b), or another applicable section of the Internal
Revenue Code that requires or permits an individual employed by
the school corporation to:
(1) contribute amounts; or
(2) have amounts contributed by the school corporation on the employee's behalf;
that are credited and allocated to an account for each employee.
(b) As used in this section, "Internal Revenue Code" has the meaning set forth in IC 6-3-1-11.
(c) To the extent permitted by federal law, whenever a school corporation closes a retirement, savings, or investment plan to future contributions, a participant in the plan, without regard to the participant's age or employment status, may elect to rollover the balance invested in the closed plan to:
(1) another eligible retirement, savings, or investment plan offered by the school corporation; or
(2) an individual retirement account or annuity described
(1) contribute amounts; or
(2) have amounts contributed by the school corporation on the employee's behalf;
that are credited and allocated to an account for each employee.
(b) As used in this section, "Internal Revenue Code" has the meaning set forth in IC 6-3-1-11.
(c) To the extent permitted by federal law, whenever a school corporation closes a retirement, savings, or investment plan to future contributions, a participant in the plan, without regard to the participant's age or employment status, may elect to rollover the balance invested in the closed plan to:
(1) another eligible retirement, savings, or investment plan offered by the school corporation; or
(2) an individual retirement account or annuity described
under Section 408(a) or Section 408(b) of the Internal
Revenue Code.
(d) This section does not apply to or abrogate a written or oral
contract or agreement in effect on July 1, 2013.
HEA 1560
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