Indiana Code 5-10.3-12-20.3. Election during July 2016, by first time state employee who is fund member
(1) is an employee of the state on July 1, 2016;
Terms Used In Indiana Code 5-10.3-12-20.3
- account: means the plan account established for a member under section 21(b) of this chapter. See Indiana Code 5-10.3-12-2
- 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: has the meaning set forth in Indiana Code 5-10.3-12-4
- employer: means the state or a participating political subdivision. See Indiana Code 5-10.3-12-8
- employer contribution subaccount: means the subaccount in a member's plan account established under section 21(b)(2) of this chapter. See Indiana Code 5-10.3-12-9
- 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
- member contribution subaccount: means the subaccount in a member's plan account established under section 21(b)(1) of this chapter. See Indiana Code 5-10.3-12-13
- plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15
(3) is a member (as defined in IC 5-10.3-1-5) of the fund.
(b) An individual to whom this section applies may elect to become a member of the plan. 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, not later than July 30, 2016; and
(3) is irrevocable.
(c) If an individual makes the election described in subsection (b), the following apply:
(1) The individual’s service from the date, after January 1, 2013, that the individual first became a full-time employee of the state until the date immediately preceding the date of the individual’s election under subsection (b) is considered participation in the plan for purposes of vesting in the employer contribution subaccount under section 25 of this chapter, and the individual waives service credit in the fund for the service.
(2) The amount credited to the individual’s annuity savings account in the fund on the date of the individual’s election under subsection (b) is transferred to the individual’s member contribution subaccount.
(3) The amounts paid to the fund by the state as employer normal cost contributions for the individual from the date, after January 1, 2013, that the individual first became a full-time employee of the state until the date immediately preceding the date of the individual’s election under subsection (b) are transferred to the individual’s employer contribution subaccount.
As added by P.L.193-2016, SEC.15.