Indiana Code 5-11-20-6. Employee retirement plan delinquency notice; presentation
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Sec. 6. (a) On or before June 15 of each year, the system shall send a delinquency notice to a delinquent political subdivision. The delinquency notice must inform the delinquent political subdivision that:
(A) received less than ninety-five percent (95%) of the actuarially determined contribution for the immediately preceding fiscal year, as determined by the system or its agent; or
(1) an employee retirement plan offered by the delinquent political subdivision:
Terms Used In Indiana Code 5-11-20-6
- 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.
- Oversight: Committee review of the activities of a Federal agency or program.
- 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
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(B) was less than fifty percent (50%) funded at any time during the immediately preceding fiscal year, as determined by the system or its agent; and
(2) the delinquent political subdivision must take the steps described in subsection (b).
(b) After receiving the notice described in subsection (a), a political subdivision shall make a presentation that includes a remediation plan to the interim study committee on pension management oversight (established by IC 2-5-1.3-4) regarding the delinquent employee retirement plan described in subsection (a).
As added by P.L.129-2024, SEC.8 and P.L.136-2024, SEC.5.