Sec. 3.5. (a) As used in this section, “commission” refers to the state lottery commission established under IC 4-30-3-1.

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Terms Used In Indiana Code 5-10.3-7-3.5

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: as used in this article means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.3-1-1
  • Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.
     (b) Not later than July 1, 2014, for each member or employee of the commission who:

(1) is a participant in a defined benefit retirement plan offered by the commission before July 1, 2013; and

(2) becomes a member of the fund on July 1, 2013, under IC 4-30-3-14.5;

the commission shall transfer from the lottery commission defined benefit retirement plan to the retirement allowance account of the fund the amount required to fund the pension portion of each participant’s accrued retirement benefit, calculated as if the participant had been in the fund during the participant’s service with the lottery commission as of July 1, 2013. If the assets in the lottery commission defined benefit retirement plan are not sufficient to fund the retirement benefit accrued as of July 1, 2013, for the participants described in this subsection, the commission shall pay to the fund, either in a single payment or in installment payments approved by the board, the amount needed to fund the accrued retirement benefits as described in this subsection.

     (c) No amounts shall be transferred as of July 1, 2013, to the annuity savings account of the fund for a member described in subsection (b).

     (d) A member or employee of the commission who becomes a member of the fund on July 1, 2013, is entitled to receive creditable service in the fund for all service performed for the commission before July 1, 2013.

     (e) The liabilities of a retirement plan offered by the commission before July 1, 2013, whose participants are transferred on July 1, 2013, to the fund are not liabilities of the fund, except as provided by agreement between the fund and the commission.

     (f) This section shall not be interpreted to diminish the amount of the benefits previously accrued by any member of the commission’s plan who is transferred to the fund under this section. To the extent that the member’s benefit exceeds the amount due from the fund, the remaining obligation shall be that of the commission alone.

     (g) A member or employee of the commission who becomes a member of the fund on July 1, 2013, under IC 4-30-3-14.5 is vested in the pension portion of the member’s retirement benefit from the fund. To the extent that the amount transferred to the fund under this section is not sufficient to fund the cost for vesting under this subsection, the remaining obligation shall be that of the commission alone.

As added by P.L.195-2013, SEC.11.

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