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no exemption or exclusion applies under the Internal Revenue Code at the time of contribution: (1) the money may be withdrawn from the account by the employee at any time and for any purpose without a penalty; and (2) the withdrawal of the principal amount contributed by the employer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 .
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