Indiana Code 5-10.3-12-20. Plan membership; election; fund membership

Sec. 20. (a) This section applies only to an individual who, on or after the effective date of the plan, becomes for the first time a full-time employee of the state in a position that would otherwise be eligible for membership in the fund under IC 5-10.3-7.

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Terms Used In Indiana Code 5-10.3-12-20

board: has the meaning set forth in Indiana Code 5-10.3-12-4
effective date: means the first day of the month that is six (6) months after the month in which the Internal Revenue Service issues an approval of the plan. See Indiana Code 5-10.3-12-7
fund: has the meaning set forth in Indiana Code 5-10.3-12-10
in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15

(b) An individual to whom this section applies may elect to become a member of the plan for all service credit that the member accrues in a covered position as an employee of the state. An election under this section:

(1) must be made in writing;

(2) must be filed with the board, on a form prescribed by the board; and

(3) is irrevocable.

(c) Except as provided in section 32(a) of this chapter, an individual who does not elect to become a member of the plan becomes a member (as defined in IC 5-10.3-1-5) of the fund for all service credit that the member accrues in a covered position as an employee of the state.

As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.29; P.L.209-2016, SEC.4.

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