Sec. 4.1. (a) This section applies only after December 31, 2016.

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Terms Used In Indiana Code 5-10.2-2-4.1

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • 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
  • Member: as used in this article means a member of the Indiana state teachers' retirement fund or of the public employees' retirement fund. See Indiana Code 5-10.2-1-4
     (b) Except as provided in subsection (e), the market value of the stable value fund program shall be allocated at least annually to the members participating in that program.

     (c) Except as provided in subsection (e), the market value of each alternative investment program shall be allocated at least annually to the members participating in that program.

     (d) Contributions to the stable value fund program and the alternative investment programs shall be invested as of the last day of the quarter in which the contributions are received or at an alternate time established by the rules of the board.

     (e) This subsection applies whenever the board is required to establish an earnings rate in order to credit earnings to an omitted contribution to a member‘s annuity savings account. As used in this subsection, “omitted contribution” means a contribution contributed by or on behalf of a member under IC 5-10.3-7-9 or IC 5-10.4-4-11 that is received by the board after the time required by IC 5-10.3-7-12.5 or IC 5-10.4-7-6(b)(1). Notwithstanding any law to the contrary, the board may by rule specify:

(1) a single composite earnings rate for the gain or loss in market value for the stable value fund program for the purpose of computing the gain or loss in market value on a member’s contributions (including omitted contributions) in the stable value fund program; and

(2) a single composite earnings rate for the gain or loss in market value for each alternative investment program and the period to which the rate applies for the purpose of computing the gain or loss in market value on a member’s contributions (including omitted contributions) in the alternate investment program.

As added by P.L.193-2016, SEC.6.

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