Section 5-10-5.5-17 - Lump sum refund of contributions or payments(a) Any participant whose employment as an officer is terminated before accumulating fifteen (15) years of creditable service and is not receiving a disability benefit under this chapter shall be entitled to a lump-sum refund of all contributions standing to the participant's credit in the participants' savings fund plus accumulated interest thereon.(b) This subsection applies to participants who die before February 1, 2018. If a participant dies before accumulating fifteen (15) years of creditable service, all contributions standing to the participant's credit in the participants' savings fund plus the accumulated interest thereon shall be paid by the board to the person the participant shall nominate by written direction duly acknowledged and filed with the board. The payment may be in the form of a lump sum or a series of payments, at the discretion of the board.(c) If a participant dies before accumulating fifteen (15) years of creditable service and has nominated no beneficiary, or in the event that the participant's nominee predeceases the participant, all contributions standing to the participant's credit in the participants' savings fund, plus accumulated interest thereon shall be paid by the board to the estate of the deceased participant. The payment may be in the form of a lump sum or a series of payments, at the discretion of the board.(d) If a participant terminates the participant's employment after accumulating fifteen (15) years of creditable service, but before becoming eligible for any benefits under this chapter, no refund of contributions and interest shall be allowed. In such case, the participant's contributions shall be retained by the board until the participant becomes eligible for benefits. At that time, benefits shall be paid to, or on behalf of the participant in the same manner and in the same amount as all similar benefits are paid.Amended by P.L. 32-2021,SEC. 8, eff. 7/1/2021.Amended by P.L. 6-2020,SEC. 7, eff. 3/11/2020.Formerly: Acts1972 , P.L. 1, SEC.1.