Sec. 5.5. (a) This section applies to contributions to the defined contribution fund made by the state after December 31, 2008.

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Terms Used In Indiana Code 2-3.5-5-5.5

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) This subsection applies after December 31, 2008. Notwithstanding IC 2-3.5-2-10, as used in this section, “salary” means the total of the following amounts paid to a participant by the state for performing legislative services in the year in which the amounts are paid, determined without regard to any salary reduction agreement established under Section 125 or Section 457 of the Internal Revenue Code:

(1) Salary.

(2) Business per diem allowance and allowances paid in lieu of the submission of claims for reimbursement (but excluding any allowances paid for mileage).

(3) Allowances paid to officers of the house of representatives and the senate.

     (c) This subsection applies after December 31, 2008. The state shall make a contribution to the defined contribution fund on behalf of each participant on June 30 of each year. The amount of the contribution is determined by multiplying the participant’s salary for that year by a percentage determined for that year by the board under subsection (d).

     (d) This subsection applies after December 31, 2008. The board shall use the following rates in determining the percentage described in subsection (c):

(1) The rate of the state’s normal contribution for its employees to PERF, as determined under IC 5-10.2-2-11.

(2) The rate at which the state makes contributions to annuity savings accounts on behalf of state employees who are members of PERF, as specified in IC 5-10.2-3-2 and IC 5-10.3-7-9.

     (e) This subsection applies after December 31, 2008. The budget agency shall confirm the percentage determined by the board. The percentage confirmed by the budget agency may not exceed the total contribution rate paid that year by the state to PERF for state employees.

As added by P.L.43-2007, SEC.3. Amended by P.L.35-2012, SEC.9.

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