Indiana Code 5-10.3-6-8.3. Retirement plans offered by political subdivision that withdraws from or freezes participation in fund
(1) either:
Terms Used In Indiana Code 5-10.3-6-8.3
- Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
- plan: refers to the public employees' defined contribution plan under Indiana Code 5-10.3-6-0.5
- 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
(B) freezes its participation in the fund as described in section 8.2 of this chapter; and
(2) chooses thereafter to offer a retirement plan to its employees.
(b) Except as provided in subsection (c), a political subdivision to which this section applies may offer a retirement plan to its employees only by participating in the defined contribution plan under IC 5-10.3-12.
(c) If, on July 1, 2015, a political subdivision to which this section applies has established or is otherwise participating in a defined contribution plan other than the defined contribution plan under IC 5-10.3-12, the political subdivision may continue to participate in the defined contribution plan in which the political subdivision participated on July 1, 2015.
As added by P.L.241-2015, SEC.18.