Indiana Code 33-38-6-17. Appropriation from state general fund
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Sec. 17. (a) For purposes of this chapter, there is appropriated for each biennium a sum of money, computed on an actuarially funded basis, as follows:
(2) From the earnings on the fund, for administration purposes, the amount required during the biennium, as determined by the board on the basis of experience. The amount required for administration shall be paid out as the operating expenses of other state departments are paid.
(1) From the state general fund for participants’ retirement benefits, the amount determined by the board, on recommendation of an actuary, which, when added to the part of the fund held for benefits at the date of the appropriation, is equal to the total liability of the fund for benefits to the end of the biennium.
Terms Used In Indiana Code 33-38-6-17
- 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
- board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 33-38-6-2
- fund: refers to the Indiana judges' retirement fund established by section 12 of this chapter. See Indiana Code 33-38-6-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The biennial appropriation provided in this section shall be credited to the board annually in equal installments in July of each year of the biennium.
[Pre-2004 Recodification Citation: 33-13-8-16.]
As added by P.L.98-2004, SEC.17.