Indiana Code 4-3-3-3. Application of chapter; funding for benefits
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Sec. 3. (a) This chapter applies to any governor of Indiana regardless of whether the governor’s service occurred before, on, or after January 14, 1981, and to the surviving spouse of any governor.
(c) To the extent that this chapter conflicts with IC 5-10.2 or IC 5-10.3, this chapter governs. However, if a benefit payable from the public employees’ retirement fund under this chapter would jeopardize the qualified status of the public employees’ retirement fund under Internal Revenue Code Section 401(a), the benefit payable from the public employees’ retirement fund under this chapter must be reduced to the extent required to preserve the qualified status of the public employees’ retirement fund under Internal Revenue Code Section 401(a).
(b) The former governor and surviving spouse pension provided by this chapter is part of the public employees’ retirement fund under IC 5-10.2 and IC 5-10.3. The biennial appropriation for the state’s funding obligation to the public employees’ retirement fund must include funding for these benefits.
Terms Used In Indiana Code 4-3-3-3
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
As added by Acts 1980, P.L.9, SEC.3. Amended by P.L.215-2016, SEC.13; P.L.92-2021, SEC.3.