Sec. 3. (a) For 2019 and each year thereafter, the contribution rate established by the board for each employer shall include a surcharge determined by the board that is paid to the supplemental allowance reserve account of the applicable fund or plan. The board shall determine an equivalent amount to be included in the general fund appropriations for the supplemental allowance reserve accounts of the legislators’ defined benefit plan and, subject to IC 5-10.4-2-5, the pre-1996 account of the Indiana state teachers’ retirement fund.

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Terms Used In Indiana Code 5-10.2-12-3

  • Board: as used in this article , means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.2-1-1
  • Employer: as used in this article means the state for employees of the state and a political subdivision or school corporation for its employees. See Indiana Code 5-10.2-1-3
  • Fund: as used in this article means the Indiana state teachers' retirement fund and the public employees' retirement fund. See Indiana Code 5-10.2-1-2
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The surcharge described in subsection (a) shall be paid in the same manner as other employer contributions required under IC 5-10-5.5-4, IC 5-10.2-2-12.5, IC 5-10.3-7-12.5, and IC 5-10.4-7-6.

As added by P.L.127-2018, SEC.9. Amended by P.L.129-2024, SEC.3.

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