Sec. 20. (a) Notwithstanding the repeal of IC 5-10.2-2-5, a member who:
(1) is an employee of a state educational institution; and
(2) began making contributions by payroll deduction under IC 5-10.2-2-5 before January 1, 1989;
may continue to make contributions after June 30, 1989, as if IC 5-10.2-2-5 had not been repealed. Such an institution may continue to make additional contributions for members on whose behalf additional contributions were being made before January 1, 1989.
(b) The employer may use contributions made under this section and IC 5-10.2-2-5 to purchase an annuity from a retirement fund for a member described in subsection (a) at any time before the member retires.
(c) Interest shall be credited on contributions made under this section and IC 5-10.2-2-5 as specified in IC 5-10.2-2-4 (before its expiration).
(d) Nothing in this section or in the repeal of IC 5-10.2-2-5 may be construed to affect in any way the ability of a state educational institution to make contributions on behalf of its employees to a tax deferred annuity under Section 403(b) of the Internal Revenue Code.
(e) A member who:
(1) has at least five (5) years of credited service;
(2) is an employee of a state educational institution; and
(3) is transferred from a position covered by the Indiana state teachers' retirement fund or the Indiana public employees' retirement fund to a position not covered by either of the funds;
shall continue to receive credit, for the determination of eligibility for benefits only, for up to five (5) additional years of service with the institution, subject to all the provisions of the retirement fund law. The additional service credit and the salary in the non-covered position shall not be included in the computation of benefits from the retirement fund.
As added by P.L.55-1989, SEC.21. Amended by P.L.2-2007, SEC.94; P.L.86-2018, SEC.16.