Sec. 20.3. (a) This section applies to an individual who:

(1) is an employee of the state on July 1, 2016;

(2) became for the first time, after January 1, 2013, a full-time employee of the state in a position that is eligible for membership in the fund under IC 5-10.3-7; and

(3) is a member (as defined in IC 5-10.3-1-5) of the fund.

(b) An individual to whom this section applies may elect to become a member of the plan. An election under this section:

(1) must be made in writing;

(2) must be filed with the board, on a form prescribed by the board, not later than July 30, 2016; and

(3) is irrevocable.

(c) If an individual makes the election described in subsection (b), the following apply:

(1) The individual's service from the date, after January 1, 2013, that the individual first became a full-time employee of the state until the date immediately preceding the date of the individual's election under subsection (b) is considered participation in the plan for purposes of vesting in the employer contribution subaccount under section 25 of this chapter, and the individual waives service credit in the fund for the service.

(2) The amount credited to the individual's annuity savings account in the fund on the date of the individual's election under subsection (b) is transferred to the individual's member contribution subaccount.

(3) The amounts paid to the fund by the state as employer normal cost contributions for the individual from the date, after January 1, 2013, that the individual first became a full-time employee of the state until the date immediately preceding the date of the individual's election under subsection (b) are transferred to the individual's employer contribution subaccount.

As added by P.L.193-2016, SEC.15.