Withdrawal of money contributed after December 31, 2015

Official textiga.in.govlast amended 2016

Sec. 11.5. 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the money may be withdrawn from the account by the employee at any time and for any purpose without a penalty; and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.

Amendment history

As added by P.L.250-2015, SEC.46. Amended by P.L.122-2016, SEC.8.

Source: view the official text

Nearby sections (25 sections)

6-8-11-0.1 · Application of chapter
6-8-11-1 · "Deductible"
6-8-11-2 · "Dependent"
6-8-11-3 · "Eligible medical expense"
6-8-11-4 · "Employee"
6-8-11-5 · "Higher deductible"
6-8-11-6 · "Medical care savings account" or "account"
6-8-11-7 · "Medical care savings account program"
6-8-11-8 · "Qualified higher deductible health plan"
6-8-11-9 · Powers and duties of employer
6-8-11-10 · Requirements
6-8-11-11 · Contributions by employee
6-8-11-11.5 · Withdrawal of money contributed after December 31, 2015
6-8-11-12 · Authorized account administrators
6-8-11-13 · Use of funds
6-8-11-14 · Prohibited use of funds
6-8-11-15 · Reimbursement
6-8-11-16 · Advancement of money
6-8-11-17 · Withdrawal of money for other purposes
6-8-11-18 · Written notice required
6-8-11-19 · Money exempt from execution
6-8-11-20 · Distribution upon death of employee with no covered
6-8-11-21 · Transfer of account
6-8-11-22 · Termination of employment
6-8-11-23 · Procedures for payment upon termination

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