Indiana Code 5-10.3-2-3. Legislative intent; public obligations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Indiana Code 5-10.3-2-3
- 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.
- Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
- Member: as used in this article means persons qualifying for membership under Indiana Code 5-10.3-1-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 3. The general assembly intends that, to the extent specified in this article, the payments to the fund by the state or the participating political subdivisions, the payment of all benefits, the payment of interest credits, and the payment of administration expenses are obligations of the state and the participating political subdivisions. However, this obligation is not a guarantee that the amount credited to a member in the annuity savings account will not vary in value as a result of the performance of the investment program selected by the member under IC 5-10.2-2, unless the member selected the guaranteed program (before its elimination on January 1, 2017), in which case the obligation is such a guarantee.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.35-1985, SEC.19; P.L.193-2016, SEC.13.