Indiana Code 5-10.3-12-24. State employer contribution; contribution rate determination; minimum rate; amounts credited; electronic submission of contributions

Sec. 24. (a) The state shall make employer contributions to the plan based on the rate determined under this section.

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Terms Used In Indiana Code 5-10.3-12-24

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
compensation: has the meaning set forth in Indiana Code 5-10.3-12-5
employees of the state: has the meaning set forth in Indiana Code 5-10.3-12-7.5
employer: means the state or a participating political subdivision. See Indiana Code 5-10.3-12-8
fund: has the meaning set forth in Indiana Code 5-10.3-12-10
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) The state’s contribution rate for the plan is equal to the employer’s contribution rate for the fund as determined by the board under IC 5-10.2-2-11(b). The amount credited from the employer’s contribution rate to the member‘s account shall not be greater than the normal cost of the fund. Any amount not credited to the member’s account shall be applied to the unfunded accrued liability of the fund as determined under IC 5-10.2-2-11(a)(3) and IC 5-10.2-2-11(a)(4).

(c) The state’s minimum contribution under this section is equal to three percent (3%) of the compensation of all members of the plan who are employees of the state.

(d) The state shall submit the employer contributions determined under this section as provided in IC 5-10.2-2-12.5.

As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.33.

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