5-10.3-12-24.7. Political Subdivision Contributions; Members of a Volunteer Fire Department
Sec. 24.7. (a) This section applies to a participating political subdivision’s contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual’s service with a volunteer fire department. (b) The governing body of a participating political subdivision shall determine the participating political subdivision’s contribution to the plan for individuals described […]
5-10.3-12-25. Member Contributions Belong to Member; Vesting Schedule for Employer Contributions; Forfeiture of Amounts Not Vested
Sec. 25. (a) Member contributions and net earnings on the member contributions in the member contribution subaccount belong to the member at all times and do not belong to any employer. (b) A member is vested in the employer contribution subaccount in accordance with the following schedule: Years of participation in the Vested percentage of […]
5-10.3-12-26. Member Accounts; Withdrawals; Forms of Payment
Sec. 26. (a) After December 31, 2020, subject to the provisions of the Internal Revenue Code applicable to qualified plan distributions, a member who terminates service in a covered position is entitled to withdraw all or part of the amounts in the member’s account to the extent the member is vested in the account. A […]
5-10.3-12-27. Member Accounts; Beneficiary or Survivor Withdrawals; Forms of Payment
Sec. 27. (a) If a member dies: (1) while in service in a position covered by the plan but not in the line of duty; or (2) after terminating service in a position covered by the plan but before withdrawing the member’s account; to the extent that the member is vested, the member’s account shall […]
5-10.3-12-28. Plan Exempt From Legal Process; Assignment of Payments
Sec. 28. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process. (b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the following: (1) Premiums on a life, hospitalization, surgical, or medical group insurance plan maintained in part by a state […]
5-10.3-12-29. Rollover Contributions; Rollover Accounts
Sec. 29. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations and guidance, the plan may accept, on behalf of any member, a rollover distribution from any of the following: (1) A qualified plan described in Section 401(a) or Section 403(a) of the Internal Revenue Code. (2) An annuity contract […]
5-10.3-12-5. “Compensation”
Sec. 5. As used in this chapter, “compensation” has the meaning set forth in IC 5-10.2-3-2(a). As added by P.L.22-2011, SEC.2.
5-10.3-12-18. Establishment and Administration of Plan; Internal Revenue Service Approval
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 […]
5-10.3-12-6. “Dies in the Line of Duty”
Sec. 6. As used in this chapter, “dies in the line of duty” has the meaning set forth in IC 5-10-11-2. As added by P.L.22-2011, SEC.2.
5-10.3-12-19. Authorization to Request Internal Revenue Service Rulings or Determination Letters
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.