Terms Used In Indiana Code > Title 2 > Article 3.5 > Chapter 5 - Legislators' Defined Contribution Plan

• account: refers to an individual development account. See Indiana Code 4-4-28-1
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 4-4-28-1.5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• community based organization: means a private, nonprofit corporation whose board of directors is comprised of business, civic, and community leaders, and whose principal purpose includes the provision of low income housing. See Indiana Code 4-4-28-1.7
• community development corporation: means a private, nonprofit corporation:

  Indiana Code 4-4-28-2

• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Dependent: A person dependent for support upon another.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• financial institution: means a bank, savings association, credit union, or any other institution regulated under IC 28 or federal law. See Indiana Code 4-4-28-3
• 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.
• fund: refers to an individual development account fund established by a community development corporation or community based organization under section 13 of this chapter. See Indiana Code 4-4-28-4
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• individual development account: means an account in a financial institution administered by a community development corporation or community based organization that allows a qualifying individual to deposit money:

  Indiana Code 4-4-28-5

• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• motor vehicle: has the meaning set forth in IC 9-13-2-105(a). See Indiana Code 4-4-28-5.5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• qualifying individual: means an individual or a member of an individual's household who may establish an individual development account because the individual:

  Indiana Code 4-4-28-6

• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5