Sec. 24.5. (a) This section does not apply to a
participating political subdivision‘s contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual’s service with a
volunteer fire department.
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Terms Used In Indiana Code 5-10.3-12-24.5
- account: means the plan account established for a member under section 21(b) of this chapter. See Indiana Code 5-10.3-12-2
- compensation: has the meaning set forth in Indiana Code 5-10.3-12-5
- employer: means the state or a participating political subdivision. See Indiana Code 5-10.3-12-8
- member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
- participating political subdivision: means a political subdivision which is participating in the plan as specified in Indiana Code 5-10.3-12-14.5
- plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15
- Political subdivision: as used in this article means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town, or township, which department receives revenue independently of, or in addition to, funds obtained from taxation. See Indiana Code 5-10.3-1-6
- volunteer fire department: has the meaning set forth in IC 36-8-12-2. See Indiana Code 5-10.3-12-15.5
(c) A participating political subdivision’s contribution rate for the plan is equal to the sum of:
(1) the contribution rate determined by the participating political subdivision under IC 5-10.3-6-1(c); and
(2) the sum, for each member employed by the participating political subdivision, of:
(A) the member’s additional contribution to the plan under section 23(e) of this chapter; multiplied by
(B) the participating political subdivision’s matching rate determined under IC 5-10.3-6-1(d).
(d) For each employee of a participating political subdivision, the amount credited to the member’s account is the part of the employer’s contribution determined under subsection (c) that is attributable to the member’s compensation and the member’s additional contributions.
(e) A participating political subdivision shall submit the employer contributions determined under this section as provided in IC 5-10.2-2-12.5.
As added by P.L.241-2015, SEC.34. Amended by P.L.96-2020, SEC.6.
