Sec. 1. (a) Except as otherwise provided in this section, this chapter applies to the following: (1) An individual who: (A) on or after the effective date of the plan, becomes for the first time a full-time employee of the state: (i) in a position that would otherwise be eligible for membership in the fund […]
Sec. 10. As used in this chapter, “fund” has the meaning set forth in IC 5-10.3-1-3. As added by P.L.22-2011, SEC.2.
Sec. 11. As used in this chapter, “Internal Revenue Code” has the meaning set forth in IC 5-10.2-1-3.5. As added by P.L.22-2011, SEC.2.
Sec. 12. As used in this chapter, “member” means an individual who has elected or is required to participate in the plan. As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.27.
Sec. 13. As used in this chapter, “member contribution subaccount” means the subaccount in a member’s plan account established under section 21(b)(1) of this chapter. As added by P.L.22-2011, SEC.2.
Sec. 14. As used in this chapter, “normal retirement age” for a member means the member is at least sixty-two (62) years of age with at least five (5) years of participation in the plan. As added by P.L.22-2011, SEC.2. Amended by P.L.66-2013, SEC.1.
Sec. 14.5. As used in this chapter, “participating political subdivision” means a political subdivision which is participating in the plan as specified in IC 5-10.3-6. As added by P.L.241-2015, SEC.28.
Sec. 15. As used in this chapter, “plan” refers to the public employees’ defined contribution plan established by section 18 of this chapter. As added by P.L.22-2011, SEC.2.
Sec. 15.5. As used in this chapter, “volunteer fire department” has the meaning set forth in IC 36-8-12-2. As added by P.L.96-2020, SEC.4.
Sec. 16. As used in this chapter, “years of participation” means periods of participation in the plan in a covered position, plus any additional service for which this chapter provides years of participation credit, except that the term excludes periods of participation in the plan in a covered position for service described in section 1(a)(7) […]
Sec. 17. Except as otherwise provided in this chapter or by federal law, and subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the provisions of IC 5-10.3 that apply to the annuity savings account apply to an account established under this chapter. As […]
Sec. 18. (a) The public employees’ defined contribution plan is established for the purpose of providing amounts funded by an employer and a member for the use of the member or the member’s beneficiaries or survivors after the member’s retirement. (b) The board shall adopt provisions to implement the plan established under subsection (a) as […]
Sec. 19. The board may request from the Internal Revenue Service any rulings or determination letters that the board considers necessary or appropriate in order to implement or administer the plan. As added by P.L.22-2011, SEC.2.
Sec. 2. As used in this chapter, “account” means the plan account established for a member under section 21(b) of this chapter. As added by P.L.22-2011, SEC.2.
Sec. 20. (a) This section applies only to an individual who, on or after the effective date of the plan, becomes for the first time a full-time employee of the state in a position that would otherwise be eligible for membership in the fund under IC 5-10.3-7. (b) An individual to whom this section applies […]
Sec. 20.3. (a) This section applies to an individual who: (1) is an employee of the state on July 1, 2016; (2) became for the first time, after January 1, 2013, a full-time employee of the state in a position that is eligible for membership in the fund under IC 5-10.3-7; and (3) is a […]
Sec. 20.5. (a) This section applies to an individual described in section 1(a)(3) of this chapter who is otherwise eligible to become a member of the plan. (b) An individual described in subsection (a) may elect to become a member of the plan on the date the individual begins the individual’s employment in a covered […]
Sec. 21. (a) The plan consists of the following: (1) Each member’s contributions to the plan under section 23 of this chapter. (2) Contributions made by an employer to the plan on behalf of each member under section 24 or 24.5 of this chapter. (3) Rollovers to the plan by a member under section 29 […]
Sec. 22. (a) Subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the board shall establish: (1) a stable value fund as the regular investment program for the plan; and (2) alternative investment programs for the plan. (b) The board may adopt requirements and […]
Sec. 23. (a) This section does not apply to a member of the plan described in section 1(a)(7) of this chapter with respect to the member’s service with a volunteer fire department. (b) Each member’s contribution to the plan is equal to three percent (3%) of the member’s compensation. (c) For a member who is […]
