Hotel California

I continue to be amazed, amused, and completely befuddled by the IAP account created by the Legislature in 2003. Not only is the entire accounting process FUBAR (but possibly being fixed), but the whole idea of actually getting the money out of the IAP is utterly inexplicable, especially if a member retires before age 59.5. PERS claims the IAP is an IRC 414(k) plan. If you check the IRS site, you'll note the existence (if you look really, really, really hard) of such a plan, but the IRS refuses to provide any opinions or clear regulations about the rules governing the distributions from such plans. I'm sure they're somewhere, but I sure can't find them. I've asked PERS for the rules; they've promised to get back to me 'soon' with something. In the meantime, the more people dig, the more confusing the situation is. If you want to read some interesting discussions about the IAP, check out OPDG (see my links to the left). I'm at the point where everytime I think about the IAP, the final lyrics from the great song, "Hotel California", keep replaying in my head:

Last thing I remember I was running for the door
I had to find the passage back to the place I was before
Relax said the nightman We are programmed to receive
You can check out anytime you like but you can never leave