5-10.4-8-8. Stable Value Fund; Alternative Investment Programs
Sec. 8. (a) Subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the board shall establish: (1) a stable value fund for the plan; and (2) alternative investment programs for the plan. (b) The board may adopt requirements and rules that apply to the alternative […]
5-10.4-8-9. Member Contribution; Employer Obligation to Make Required Member Contribution; Additional Member Contribution
Sec. 9. (a) Each member’s contribution to the plan is equal to three percent (3%) of the member’s compensation. (b) An employer shall pay a member’s contribution on behalf of the member. (c) To the extent permitted by the Internal Revenue Code and applicable regulations, a member of the plan may make contributions to the […]
5-10.4-8-10. Contribution Rates
Sec. 10. (a) An employer shall make employer contributions to the plan based on the rate determined under this section. (b) The employer’s contribution rate for the plan must be equal to the employer’s contribution rate for the fund as determined by the board under IC 5-10.2-2-11(b). The amount credited from the employer’s contribution rate […]
5-10.4-8-11. Contributions and Earnings Belong to Member; Vesting in Employer Contribution Subaccount; Forfeiture of Employer Contributions
Sec. 11. (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 the 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 […]
5-10.4-8-12. Withdrawals From Member Account
Sec. 12. (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 […]
5-10.4-8-13. Member Death; Payment to Beneficiaries
Sec. 13. (a) If a member dies: (1) while in service in a position covered by the plan; 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 be paid to the beneficiary or beneficiaries […]
5-10.4-8-14. Assets of Plan Exempt From Levy, Sale, Garnishment, Attachment, or Other Legal Process; Limited Assignment by Member
Sec. 14. (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 […]
5-10.4-8-15. Rollovers
Sec. 15. (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 […]
5-10.4-8-16. Member Disability
Sec. 16. (a) If a member becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member’s qualification for Social Security disability benefits to the board, to the extent that the member is vested, the member may make a full or […]
5-10.4-8-17. Resuming Membership; Second Election Not Allowed
Sec. 17. (a) If a member of the plan separates from employment with the member’s employer and later returns to employment in a position covered by the plan: (1) the individual resumes membership in the plan; and (2) the member is entitled to receive credit for the member’s years of participation in the plan before […]