Indiana Code 5-10.3-12-21. Plan; member accounts; rollover accounts
(1) Each member‘s contributions to the plan under section 23 of this chapter.
Terms Used In Indiana Code 5-10.3-12-21
- account: means the plan account established for a member under section 21(b) of this chapter. See Indiana Code 5-10.3-12-2
- 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
- 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) Rollovers to the plan by a member under section 29 of this chapter.
(4) All earnings on investments or deposits of the plan.
(5) All contributions or payments to the plan made in the manner provided by the general assembly.
(b) The plan shall establish an account for each member. A member’s account consists of two (2) subaccounts credited individually as follows:
(1) The member contribution subaccount consists of:
(A) the member’s contributions to the plan under section 23 of this chapter; and
(B) the net earnings on the contributions described in clause (A) as determined under section 22 of this chapter.
(2) The employer contribution subaccount consists of:
(A) the employer’s contributions made on behalf of the member to the plan under section 24 or 24.5 of this chapter; and
(B) the earnings on the contributions described in clause (A) as determined under section 22 of this chapter.
The board may combine the two (2) subaccounts established under this subsection into a single account, if the board determines that a single account is administratively appropriate and permissible under applicable law.
(c) If a member makes rollover contributions under section 29 of this chapter, the plan shall establish a rollover account as a separate subaccount within the member’s account.
As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.30; P.L.35-2012, SEC.84; P.L.241-2015, SEC.31; P.L.209-2016, SEC.6; P.L.27-2019, SEC.7.