Sec. 1. (a) Except as provided in subsection (b), this chapter applies after the effective date of the plan to an individual who: (1) begins employment with a school corporation in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4; and (2) makes an election described in section […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Sec. 2. The following definitions apply throughout this chapter: (1) “Account” means the plan account established for a member under section 7(b) of this chapter. (2) “Annuity savings account” means the annuity savings account of the 1996 account maintained under IC 5-10.2-2-2(b)(2) and IC 5-10.2-2-2(c)(1). (3) “Compensation” has the meaning set forth in IC 5-10.2-3-2(a). […]
Sec. 3. Except as otherwise provided in this chapter or by federal law, and subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the provisions of this article that apply to the annuity savings account apply to an account established under this chapter. As added […]
Sec. 4. (a) The teachers’ 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 follows: […]
Sec. 5. 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.217-2017, SEC.58.
Sec. 6. (a) An individual who, on or after the effective date of the plan, begins employment with a school corporation that participates in the plan in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4 may elect to become a member of the plan. (b) An election […]
Sec. 7. (a) The plan consists of the following: (1) Each member’s contributions to the plan under section 9 of this chapter. (2) Contributions made by an employer to the plan on behalf of each member under section 10 of this chapter. (3) Rollovers to the plan by a member under section 15 of this […]
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 […]
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 […]
