If an employer contributes money to an account under this chapter after December 31, 2015, for which no exemption applies under IC 6-3-2-18(c) and for which no exemption or exclusion applies under the Internal Revenue Code at the time of contribution:(1) the money may be withdrawn from the account by the employee at any time and for any purpose without a penalty; and(2) the withdrawal of the principal amount contributed by the employer is not income to the employee that is subject to taxation under IC 6-3-1 through IC 6-3-7.As added by P.L.250-2015, SEC.46. Amended by P.L.122-2016, SEC.8.
Indiana Legal Code