Indiana Code 5-10.2-2-12. State appropriation
(1) the state’s normal contribution for its employees to the public employees’ retirement fund, the pre-1996 account, and the 1996 account, as determined in section 11 of this chapter;
Terms Used In Indiana Code 5-10.2-2-12
- 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: 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
- 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
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) the state’s obligation as estimated by the board for disability benefits and benefits payable under retirement fund laws in effect before April 1, 1955.
The request for this sum for each fund shall be submitted to the budget agency as one (1) item for each fund. The board shall submit to the agency its actuarial investigation and valuation and any other actuarial information to support the request.
(b) The biennial appropriation specified in subsection (a) of this section shall be paid annually to each fund covered by this article that satisfies the conditions of section 1.5 of this chapter in equal installments in July of each year of the biennium.
(c) The biennial appropriation under this section shall be deposited in the trust of each fund and used only as provided in section 1.5 of this chapter.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.54-1993, SEC.11; P.L.119-2000, SEC.3; P.L.35-2012, SEC.37.