Indiana Code 5-11-20-1.5. “Delinquent political subdivision”
(1) received less than the actuarially determined contribution for at least three (3) out of the last five (5) immediately preceding fiscal years, as determined by the system or its agent; or
Terms Used In Indiana Code 5-11-20-1.5
- delinquent political subdivision: means a political subdivision offering an employee retirement plan described in section 3(b) of this chapter that:
Indiana Code 5-11-20-1.5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- political subdivision: means a municipality or a local government unit, entity, or instrumentality to which IC 5-11-1-4 applies. See Indiana Code 5-11-20-2
- system: refers to the Indiana public retirement system established by Indiana Code 5-11-20-2.5
(b) As used in this chapter, “delinquent political subdivision” does not include a political subdivision offering an employee retirement plan described in section 3(b) of this chapter that:
(1) satisfies subsection (a)(1) or (a)(2) but is subject to an existing court order requiring the political subdivision to fund the plan benefits; or
(2) satisfies subsection (a)(1) or (a)(2) but was established some time during the last five (5) immediately preceding fiscal years.
(c) A police benefit fund qualifies as a delinquent political subdivision if it satisfies subsection (a)(1). A police benefit fund does not qualify as a delinquent political subdivision if it satisfies subsection (a)(2) but does not satisfy subsection (a)(1).
As added by P.L.129-2024, SEC.6 and P.L.136-2024, SEC.3.