Indiana Code 27-16-6-1. Financial requirements
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Sec. 1. (a) A PEO or PEO group shall do one (1) of the following:
(2) If the PEO or PEO group does not meet the requirement of subdivision (1), maintain any of the following with a minimum aggregate value in an amount that is at least sufficient to eliminate the PEO’s or PEO group’s negative working capital plus one hundred thousand dollars ($100,000):
(1) Maintain positive working capital, as reflected in the financial statement submitted to the department by the PEO or PEO group under IC 27-16-4.
Terms Used In Indiana Code 27-16-6-1
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
(A) A surety bond.
(B) An irrevocable letter of credit.
(C) Cash.
(D) A combination of items listed in clauses (A) through (C).
(b) An instrument or cash described in subsection (a)(2) must be held by an institution designated by the department, securing payment by the PEO or PEO group of all taxes, wages, benefits, or other entitlement due to or with respect to covered employees in the event that the PEO or PEO group does not make the payments when due.
As added by P.L.245-2005, SEC.7. Amended by P.L.11-2011, SEC.44.