Indiana Code 5-10.4-8-2. Definitions
(1) “Account” means the plan account established for a member under section 7(b) of this chapter.
Terms Used In Indiana Code 5-10.4-8-2
- 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.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) “Compensation” has the meaning set forth in IC 5-10.2-3-2(a).
(4) “Effective date” means the first day of the month that is six (6) months after the month in which the board adopts provisions to implement the plan under section 4(b) of this chapter.
(5) “Employer” means a school corporation.
(6) “Employer contribution subaccount” means the subaccount in a member’s plan account established under section 7(b)(2) of this chapter.
(7) “Fund” refers to the Indiana state teachers’ retirement fund established by IC 5-10.4-2-1.
(8) “Internal Revenue Code” has the meaning set forth in IC 5-10.2-1-3.5.
(9) “Member” means an individual described in section 1(a) of this chapter who is not otherwise excluded from membership in the plan.
(10) “Member contribution subaccount” means the subaccount in a member’s plan account established under section 7(b)(1) of this chapter.
(11) “Normal retirement age” for a member means the member is at least sixty-two (62) years of age with at least five (5) years of participation in the plan.
(12) “Plan” refers to the teachers’ defined contribution plan established by section 4 of this chapter.
(13) “Years of participation” means all periods of participation in the plan in a covered position, plus any additional service for which this chapter provides years of participation credit.
As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.12.