IC 5-10.3-12-33: Second chance election

Sec. 33. (a) This section applies notwithstanding sections 20, 20.3, 20.5, and 31 of this chapter.

(b) An employer that participates in the fund may allow a member who is fully vested in the employer contribution subaccount under section 25(b) of this chapter to make an election to participate in the fund.

(c) The following apply to an election made under subsection (b):

(1) The election must be made:

(A) within a time; and

(B) in a form and manner;

approved by the board.

(2) An employee who makes an election becomes a member of the fund on the date described in IC 5-10.3-7-1(h).

(3) The election is irrevocable.

(d) A member who does not make an election under subsection (b) remains a member of the plan. The failure to make an election under subsection (b) is irrevocable.