Sec. 1.5. (a) The state, through the budget agency, may adopt a defined contribution plan, under Section 401(a) of the Internal Revenue Code, for the purpose of matching all or a specified portion of state employees’ contributions to the state employees’ deferred compensation plan and for any additional purposes established by statute.

     (b) The deferred compensation committee shall be the trustee of a plan established under subsection (a) as described in section 4 of this chapter. A plan established under subsection (a) shall be administered by the state comptroller as described in section 5 of this chapter.

     (c) The deferred compensation committee may approve funding offerings for a plan established under subsection (a), which may be the same as offerings for the state employees’ deferred compensation plan. All funds in each plan shall be separately accounted for but may be commingled for investment purposes.

     (d) Contributions to a plan established under subsection (a) are limited to the amount of biennial appropriations the budget agency determines are available for any such purposes. The deferred compensation committee may use funds available under the plan to hire or contract with qualified attorneys, financial advisers, or other professional or administrative persons that the committee believes are necessary or useful in the administration of the plan.

     (e) A plan established under subsection (a) must include appropriate provisions concerning the plan’s day to day operation and any other provisions that are appropriate. Notwithstanding IC 22-2-6-2, the plan may also include provisions for the use of automated voice response units and telephonic communications, online activities, and other technology for participant elections, directions, and services if the technology has sufficient capacity to record and store the elections and directions.

     (f) The state is obligated at any particular time only for the current market value of the funding previously made to a plan established under subsection (a).

     (g) The state board of finance shall extend the plan established under subsection (a) to any political subdivision that also elects to use the state employees’ deferred compensation plan for its employees as authorized in section 7(b)(2) or 7(b)(3) of this chapter.

As added by P.L.195-1999, SEC.7 and P.L.273-1999, SEC.231. Amended by P.L.184-2001, SEC.2; P.L.220-2005, SEC.1; P.L.9-2024, SEC.122.