5-10.4-9-5. School Corporation Appropriations and Payments From School General Fund
Sec. 5. A school corporation shall make the appropriations and payments required under this article and IC 5-10.2 from its education fund or operations fund in accordance with the categories of expenditures established under IC 20-42.5-3. As added by P.L.217-2017, SEC.59. Amended by P.L.238-2019, SEC.7.
5-10.4-8-7. Plan Contributions; Member Accounts
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 […]
5-10.4-9-6. Withholding Money From or Suing a School Corporation That Fails to Make Payments to the Plan
Sec. 6. If a school corporation fails to make payments required by this chapter, the amount payable may be: (1) withheld by the auditor of state from money payable to the school corporation and transferred to the plan; or (2) recovered in a suit in the circuit or superior court of the county in which […]
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 […]
5-10.4-7-10. Separate Accounts for Each School Corporation and Each Employer Group
Sec. 10. (a) Except as provided in subsection (b), the board shall maintain separate reserve accounts within the 1996 account for each school corporation. (b) If the board sets a group employer rate under IC 5-10.2-2-11(b), the board shall maintain separate reserve accounts within the 1996 account for each employer group. (c) Credits and charges […]