(b) Upon a written request from a beneficiary of the Indiana state teachers' retirement fund, a governing body may receive a given amount of money for a purpose described in subsection (c).(c) The governing body shall hold the amounts described in subsections (a) and (b) and pay the amounts, as requested by the teacher or the beneficiary, to an insurance company or other agency or organization in Indiana that provides, extends, supervises, or pays for:(1) insurance or other protection; or(2) the establishment of or payment on an annuity account;for the teacher. If a dividend accrues on a policy, the dividend shall be paid or credited to the teacher.(d) If less than twenty percent (20%) of the teachers employed by a governing body request payment of the amounts described in subsection (c) to a single recipient, withholding the amounts of money for insurance, dues, or other purposes is discretionary with the governing body.[Pre-2005 Elementary and Secondary Education Recodification Citation: ingle recipient, withholding the amounts of money for insurance, dues, or other purposes is discretionary with the governing body.[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-6.1-5-11.]As added by P.L.1-2005, SEC.12.
Indiana Legal Code