Sec. 6. (a) After a member is suspended under section 5 of this chapter, the member is entitled to withdraw in a lump sum all or part of the amount of the member's contributions plus interest credited to the member.
(b) Except as provided in subsection (d), the suspended member's money is to remain in the stable value fund or the alternative investment program as the money was allocated on the day the member was suspended until:
(1) the suspended member changes the allocation of the money among the stable value fund and the alternative investment program;
(2) the suspended member withdraws the money from the fund; or
(3) the fund is otherwise required to distribute the money.
Any earnings or losses on the money shall be credited to the member in the same manner as if the member's membership was not suspended.
(c) The board may charge a reasonable annual administrative fee against the money held in the annuity savings account of a suspended member.
(d) If:
(1) a member is suspended under section 5 of this chapter;
(2) the member has not attained vested status in the fund; and
(3) the value of the member's annuity savings account is not more than one thousand dollars ($1,000);
the board may pay the member's annuity savings account only in a lump sum.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.25-1994, SEC.3; P.L.2-1995, SEC.15; P.L.195-1999, SEC.12; P.L.193-2016, SEC.10; P.L.27-2019, SEC.1.