Sec. 25. (a) Member contributions and net earnings on the member contributions in the member contribution subaccount belong to the member at all times and do not belong to any employer.
(b) A member is vested in the employer contribution subaccount in accordance with the following schedule:
Years of participation in the
Vested percentage of
plan
employer contributions
and earnings
1
20%
2
40%
3
60%
4
80%
5
100%
For purposes of vesting in the employer contribution subaccount, only a member's full years of participation in the plan may be counted.
(c) The amount that a member may withdraw from the member's account is limited to the vested portion of the account.
(d) A member who attains normal retirement age is fully vested in all amounts in the member's account.
(e) If a member separates from service with the member's employer before the member is fully vested in the employer contribution subaccount, the amount in the employer contribution subaccount that is not vested is forfeited as of the date the member separates from service.
(f) Amounts forfeited under subsection (e) must be used to reduce the unfunded accrued liability of the fund as determined under IC 5-10.2-2-11(a)(3) and IC 5-10.2-2-11(a)(4).
(g) A member may not earn creditable service (as defined in IC 5-10.2-3-1(a)) under the plan.
As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.32; P.L.241-2015, SEC.35.
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