Indiana Code 21-38-7-12. Amount of state contribution
Current as of: 2024 | Check for updates
|
Other versions
Sec. 12. (a) If a state educational institution establishes a retirement benefit system applicable to employees of the institution who otherwise qualify as members of the fund under IC 5-10.4-4-1, the general assembly shall appropriate to a state educational institution that establishes a retirement benefit system to fund the retirement benefit system an amount estimated to be equal to seven and four-tenths percent (7.4%) of the compensation of an employee who:
(2) becomes a participant in the retirement benefit system of the state educational institution for all or a part of the period of the appropriation.
(1) makes the election described in section 5 of this chapter; and
Terms Used In Indiana Code 21-38-7-12
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
(b) The state educational institution shall:
(1) estimate the sum described in subsection (a); and
(2) submit the estimate to the budget agency and to the commission for higher education for inclusion in the operating appropriation of the state educational institution.
(c) The estimate described in subsection (b) must be submitted at the same time but separately from the request of the state educational institution for an operating appropriation.
[Pre-2007 Higher Education Recodification Citation: 21-6.1-8-3.]
As added by P.L.2-2007, SEC.279.