reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-5. Supplemental Minimum Benefit; Minimum Pension Benefit After July 1, 2017; Appropriation

Sec. 5. (a) A retired member is entitled to a supplemental retirement benefit to be paid by the fund as long as the member meets the following conditions:
(1) The member currently receives an annuity, a pension, or other retirement benefit from the fund.
(2) The member is at least sixty-five (65) years of age.
(3) The amount of all annuities, pensions, and retirement benefits for which the member is eligible under the federal Social Security Act is less than two hundred dollars ($200) per month.
(b) The amount of the supplemental retirement benefit to which a qualifying retired member is entitled each month is the difference between two hundred dollars ($200) and the total of all annuities, pensions, and retirement benefits that the member is eligible to receive under the federal Social Security Act.
(c) A retired member who:
(1) is not eligible for an annuity, a pension, or a retirement benefit under the federal Social Security Act; and
(2) qualifies under subsection (a);
is entitled to a supplemental retirement benefit of two hundred dollars ($200) per month.
(d) Beginning July 1, 2017, the minimum pension benefit paid to a regularly retired member receiving an unreduced pension benefit is one hundred eighty-five dollars ($185) per month regardless of amounts paid to the member from Social Security or other state sources of retirement income or assistance.
(e) The general assembly shall biennially appropriate to the fund from money not otherwise appropriated in the state general fund the amount necessary to satisfy this section.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-5.]
As added by P.L.2-2006, SEC.28. Amended by P.L.40-2017, SEC.16.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-6. Postretirement Increase Payable After June 30, 1978

Sec. 6. (a) In addition to the increase provided in IC 5-10.2-5-6, the monthly benefit payable after June 30, 1978, to a member, or a survivor or beneficiary of a member who retired or was disabled:
(1) before July 2, 1962, is increased by three percent (3%);
(2) after July 1, 1962, and before July 2, 1967, is increased by two percent (2%); and
(3) after July 1, 1967, and before July 2, 1972, is increased by one percent (1%).
(b) This section does not apply to benefits payable in a lump sum.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-6.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-7. Restriction on Charging Postretirement Increase to Annuity Reserve

Sec. 7. The costs of postretirement increases for the following persons may not be charged against the retired teacher annuity reserve:
(1) A member of the fund who has received a lump sum payment under IC 5-10.2-4-2.
(2) Survivors and beneficiaries of a member described in subdivision (1).
[Pre-2006 Education Finance Recodification Citation: 5-10.2-5-18.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-8. Postretirement Increase Payable After December 31, 2002

Sec. 8. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2002, to a member of the fund (or to a survivor or beneficiary of a member of the fund) who retired or was disabled:
(1) after July 1, 1995, and before July 2, 2000, shall be increased by one percent (1%);
(2) after July 1, 1977, and before July 2, 1995, shall be increased by two percent (2%); and
(3) before July 2, 1977, shall be increased by three percent (3%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement or disability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
[Pre-2006 Education Finance Recodification Citation: 5-10.2-5-32.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-9. Postretirement Increase Payable After December 31, 2003

Sec. 9. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2003, to a member of the fund (or to a survivor or beneficiary of a member of the fund) who retired or was disabled:
(1) after July 1, 1996, and before July 2, 2001, shall be increased by one percent (1%);
(2) after July 1, 1978, and before July 2, 1996, shall be increased by two percent (2%); and
(3) before July 2, 1978, shall be increased by three percent (3%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement or disability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
[Pre-2006 Education Finance Recodification Citation: 5-10.2-5-34.4.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-10. Postretirement Increase Payable After December 31, 2004

Sec. 10. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2004, to a member of the fund (or to a survivor or beneficiary of a member of the fund) who retired or was disabled:
(1) after July 1, 1996, and before July 2, 2002, shall be increased by one percent (1%);
(2) after July 1, 1978, and before July 2, 1996, shall be increased by two percent (2%); and
(3) before July 2, 1978, shall be increased by three percent (3%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement or disability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
[Pre-2006 Education Finance Recodification Citation: 5-10.2-5-37.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-1. Notice to Teachers of Benefits; Requirement to Include Benefits in Contracts

Sec. 1. (a) The administrative officers of a school corporation or other institution covered by the fund shall:
(1) notify each person to be employed in a teaching position that the person's obligations under this article are a condition of employment; and
(2) make the obligations a part of the teacher's contract.
(b) Except in cases where:
(1) the contribution is made on behalf of the member; or
(2) a retired member of the Indiana state teachers' retirement fund may not make contributions during a period of reemployment as provided under IC 5-10.2-4-8(e);
a teacher's contract shall be construed to require the deduction of contributions to meet the teachers' contractual obligations to the fund and the state.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-1.]
As added by P.L.2-2006, SEC.28. Amended by P.L.72-2007, SEC.10; P.L.1-2009, SEC.19; P.L.195-2013, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-2. Duty of Teacher to Complete Record Form

Sec. 2. A teacher new to the service, when the teacher first signs a contract, shall complete a record form prescribed by the board. The completed form shall be forwarded to the board.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-2.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-3. Requirement to Deduct Member Contribution From Salary; Report to Member

Sec. 3. (a) Unless the member's contribution is made on behalf of the member or the member is a retired member who may not make contributions during a period of reemployment as provided under IC 5-10.2-4-8(e), the treasurer of a school corporation, the township trustee, or the appropriate officer of any other institution covered by the fund shall:
(1) deduct from each member's salary the member's contribution for the fund; and
(2) issue to each member, on behalf of the board, a statement for each contribution deducted.
(b) The statement described in subsection (a)(2) is evidence that the member has credit from the fund for payment of the stated contribution.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-3.]
As added by P.L.2-2006, SEC.28. Amended by P.L.72-2007, SEC.11; P.L.1-2009, SEC.20; P.L.195-2013, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-4. Officer's Bond Required to Cover Failure to Deduct Employee Contribution

Sec. 4. (a) The treasurer of a school corporation, the township trustee, and the appropriate officer of any other institution covered by the fund is liable on the officer's official bond for failure to deduct, report, and pay the contributions to the board.
(b) The board, by an action in its name prosecuted by the attorney general, may recover the contributions.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-4.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-5. Reports; New Employee Information

Sec. 5. (a) Not later than October 1 of each year, the administrative and executive officers of a school corporation or other institution covered by the fund shall report to the board, on forms furnished by the board, the following information:
(1) The members of the fund employed by the school corporation or other institution.
(2) The hire or rehire date of each member listed in subdivision (1).
(3) The retirement account number of each member listed in subdivision (1).
(b) The officers described in subsection (a) shall report periodically during the year as to the members of the fund employed after the reporting date so that contributions and other information may be verified.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-6.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-6. Reports; Member Contributions

Sec. 6. (a) As used in this section, "net contributions" means the gross amount of a member's contributions minus any refund paid or due a teacher.
(b) Not later than January 15, April 15, July 15, and October 15 of each year or an alternate due date established by the rules of the board, the treasurer of a school corporation, the township trustee, or the appropriate officer of any other institution covered by the fund shall make an employer report as provided in section 7 of this chapter, on a form furnished by the board, to the board accompanied by a warrant for payment of:
(1) the total net contributions to the fund made for or by the members in the preceding three (3) months; and
(2) subject to IC 5-10.2-2-11.5, the employer contributions as required by section 11 of this chapter.
(c) Amendatory reports to correct errors or omissions may be required and made.
(d) After December 31, 2009, the treasurer of a school corporation, the township trustee, or the appropriate officer of any other institution covered by the fund shall submit:
(1) the employer report described in section 7 of this chapter in a uniform format through a secure connection over the Internet or through other electronic means specified by the board in accordance with IC 5-10.2-2-12.5; and
(2) the:
(A) employer contributions; and
(B) contributions paid by or on behalf of a member;
described in subsection (b) by electronic funds transfer in accordance with IC 5-10.2-2-12.5.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-7.]
As added by P.L.2-2006, SEC.28. Amended by P.L.165-2009, SEC.7; P.L.182-2009(ss), SEC.73.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-7. Reports; Employment Information

Sec. 7. (a) Not later than January 15, April 15, July 15, and October 15 of each year or an alternate due date established by the rules of the board, the treasurer of a school corporation, the township trustee, or the appropriate officer of any other institution covered by the fund shall make a report to the board on a form furnished by the board and within the time set by the board. Amendatory reports to correct errors or omissions may be required and made.
(b) The report required by subsection (a) must include:
(1) the name of each member employed in the preceding reporting period, except substitute teachers;
(2) the total salary and other compensation paid for personal services to each member in the reporting period;
(3) the sum of contributions made for or by each member, except for a retired member who may not make contributions during a period of reemployment as provided under IC 5-10.2-4-8(e);
(4) the sum of employer contributions made by the school corporation or other institution, except for a retired member for whom or on whose behalf an employer may not make contributions during a period of reemployment as provided under IC 5-10.2-4-8(e);
(5) the number of days each member received salary or other compensation for teaching services; and
(6) any other information that the board determines necessary for the effective management of the fund.
(c) As often as the board determines necessary, the board may review or cause to be reviewed the pertinent records of any public entity contributing to the fund under this article.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-8.]
As added by P.L.2-2006, SEC.28. Amended by P.L.72-2007, SEC.12; P.L.1-2009, SEC.21; P.L.165-2009, SEC.8; P.L.195-2013, SEC.15.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-8. Penalties; Failure to Make Report

Sec. 8. If the treasurer of a school corporation, the township trustee, or the appropriate officer of any other institution covered by the fund fails to make the reports and payments as required in section 6 or 7 of this chapter, the following apply:
(1) The officer has an additional thirty (30) days to make the reports and payments without a penalty.
(2) If the reports and payments are not made within thirty (30) days after the deadlines required by section 6 or 7 of this chapter, the board may fine the school corporation, township, or institution that the officer serves one hundred dollars ($100) for each additional day that the reports and payments are late.
(3) If the officer is habitually late, as determined by the board, the school corporation, township, or institution that the officer serves is ineligible to receive any distribution of money from the state for school purposes until the reports and payments are received and approved by the board.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-9.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-9. Reimbursement of Expenses of Secretary of Education Related to Enforcement of Penalties

Sec. 9. Expenses of the secretary of education necessary in administering section 8 of this chapter must be paid from the funds of the board on a voucher approved by the director.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-10.]
As added by P.L.2-2006, SEC.28. Amended by P.L.43-2021, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-10. Separate Accounts for Each School Corporation and Each Employer Group

Sec. 10. (a) Except as provided in subsection (b), the board shall maintain separate reserve accounts within the 1996 account for each school corporation.
(b) If the board sets a group employer rate under IC 5-10.2-2-11(b), the board shall maintain separate reserve accounts within the 1996 account for each employer group.
(c) Credits and charges to these accounts must be made as prescribed in IC 5-10.2-2.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-11.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.20.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-11. Employer Contribution Rate

Sec. 11. (a) Annually the board shall certify to each school corporation and each school corporation shall pay its employer contribution rate to the fund, computed as specified in IC 5-10.2-2 for the employer contribution for teachers covered by the 1996 account, including the school corporation's share of administration expenses for the 1996 account.
(b) The board shall determine the amount of unfunded accrued liability of the school corporations. The board shall determine the unfunded accrued liability by individual employers or by a group of employers. The school corporations shall pay the amount in a lump sum or amortize the amount over a period determined by the board.
(c) The payments by school corporations for the amounts described in subsections (a), (b), and (d) are allocated to the school corporations and not to the state.
(d) If a school corporation's account shows a deficit, the board may require the school corporation to make additional payments necessary to eliminate the deficit in addition to the employer contributions computed under subsections (a) and (b).
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-12.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 7. School Corporation Reports and Administration › 5-10.4-7-12. Recovery of Amounts Due From School Corporation

Sec. 12. (a) If a school corporation fails to make the payments required by this chapter, the amount payable may be:
(1) withheld by the auditor of state from money payable to the school corporation and transferred to the fund; or
(2) recovered in a suit in the circuit or superior court of the county in which the school corporation is located.
(b) The suit described in subsection (a)(2) shall be:
(1) an action by the state on the relation of the board; and
(2) prosecuted by the attorney general.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-7-13.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-1. Application to Employees

Sec. 1. (a) Except as provided in subsection (b), this chapter applies after the effective date of the plan to an individual who:
(1) begins employment with a school corporation in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4; and
(2) makes an election described in section 6 of this chapter to become a member of the plan.
(b) This chapter does not apply to the following:
(1) An individual who, before the effective date of the plan, is or was a member (as defined in IC 5-10.4-1-9) of the fund.
(2) An individual who, on or after the effective date of the plan:
(A) begins employment with a school corporation that participates in the plan in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4; and
(B) does not make the election described in section 6 of this chapter to become a member of the plan.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-2. Definitions

Sec. 2. The following definitions apply throughout this chapter:
(1) "Account" means the plan account established for a member under section 7(b) of this chapter.
(2) "Annuity savings account" means the annuity savings account of the 1996 account maintained under IC 5-10.2-2-2(b)(2) and IC 5-10.2-2-2(c)(1).
(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.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-3. Application of Annuity Savings Account Provisions; Irs Approval

Sec. 3. Except as otherwise provided in this chapter or by federal law, and subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the provisions of this article that apply to the annuity savings account apply to an account established under this chapter.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-4. Teacher's Defined Contribution Plan Established

Sec. 4. (a) The teachers' defined contribution plan is established for the purpose of providing amounts funded by an employer and a member for the use of the member or the member's beneficiaries or survivors after the member's retirement.
(b) The board shall adopt provisions to implement the plan established under subsection (a) as follows:
(1) The board shall initially offer the plan using the annuity savings account, subject to obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable to preserve the qualified status of the plan and the fund. If, and while, the plan is offered using the annuity savings account under this subdivision, the plan is a component within the fund.
(2) If the approval of the Internal Revenue Service to offer the plan using the annuity savings account cannot be obtained in a manner satisfactory to the board, the board shall offer the plan as a separate fund under Section 401(a) or another applicable section of the Internal Revenue Code.
(3) If the board initially offers the plan using the annuity savings account as provided under subdivision (1), the board may at any time afterwards convert the plan to a separate fund under Section 401(a) or another applicable section of the Internal Revenue Code. If the board converts the plan to a separate fund as provided under this subdivision, after the conversion the plan is not a component within the fund.
(c) The board shall administer the plan.
(d) The board may adopt a plan document that it considers appropriate or necessary to administer the plan.
As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-5. Request for Irs Rulings

Sec. 5. The board may request from the Internal Revenue Service any rulings or determination letters that the board considers necessary or appropriate in order to implement or administer the plan.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-6. Election to Become a Member of Plan

Sec. 6. (a) An individual who, on or after the effective date of the plan, begins employment with a school corporation that participates in the plan in a covered position that would otherwise be eligible for membership in the fund under IC 5-10.4-4 may elect to become a member of the plan.
(b) An election under this section:
(1) must be made in writing;
(2) must be filed with the board, on a form prescribed by the board; and
(3) is irrevocable.
(c) An individual who does not elect to become a member of the plan becomes a member (as defined in IC 5-10.4-1-9) of the fund.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-7. Plan Contributions; Member Accounts

Sec. 7. (a) The plan consists of the following:
(1) Each member's contributions to the plan under section 9 of this chapter.
(2) Contributions made by an employer to the plan on behalf of each member under section 10 of this chapter.
(3) Rollovers to the plan by a member under section 15 of this chapter.
(4) All earnings on investments or deposits of the plan.
(5) All contributions or payments to the plan made in the manner provided by the general assembly.
(b) The plan shall establish an account for each member. A member's account consists of two (2) subaccounts credited individually as follows:
(1) The member contribution subaccount consists of:
(A) the member's contributions to the plan under section 9 of this chapter; and
(B) the net earnings on the contributions described in clause (A) as determined under section 8 of this chapter.
(2) The employer contribution subaccount consists of:
(A) the employer's contributions made on behalf of the member to the plan under section 10 of this chapter; and
(B) the earnings on the contributions described in clause (A) as determined under section 8 of this chapter.
The board may combine the two (2) subaccounts established under this subsection into a single account, if the board determines that a single account is administratively appropriate and permissible under applicable law.
(c) If a member makes rollover contributions under section 15 of this chapter, the plan shall establish a rollover account as a separate subaccount within the member's account.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-8. Stable Value Fund; Alternative Investment Programs

Sec. 8. (a) Subject to the board obtaining any approval from the Internal Revenue Service that the board considers necessary or desirable, the board shall establish:
(1) a stable value fund for the plan; and
(2) alternative investment programs for the plan.
(b) The board may adopt requirements and rules that apply to the alternative investment programs within the plan, including the following:
(1) The board's investment guidelines and limits for the alternative investment programs.
(2) A member's selection of and changes to the member's investment options.
(3) The valuation of a member's account.
(4) The allocation and payment of administrative expenses for the alternative investment programs.
(c) The board shall determine the appropriate administrative fees to be charged to the member accounts.
As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-9. Member Contribution; Employer Obligation to Make Required Member Contribution; Additional Member Contribution

Sec. 9. (a) Each member's contribution to the plan is equal to three percent (3%) of the member's compensation.
(b) An employer shall pay a member's contribution on behalf of the member.
(c) To the extent permitted by the Internal Revenue Code and applicable regulations, a member of the plan may make contributions to the plan in addition to the contribution required under subsection (a). IC 5-10.2-3-2(c) and IC 5-10.2-3-2(d) govern additional contributions made under this subsection.
(d) Member contributions must be credited to the member's account as specified in IC 5-10.2-3.
(e) Although designated as employee contributions, the contributions made under subsection (b) by an employer must be picked up and paid by the employer instead of the contributions being paid by the employee in accordance with Section 414(h)(2) of the Internal Revenue Code.
(f) A member may not receive any amounts paid by an employer under this section directly instead of having the amounts paid to the plan.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-10. Contribution Rates

Sec. 10. (a) An employer shall make employer contributions to the plan based on the rate determined under this section.
(b) The employer's contribution rate for the plan must be equal to the employer's contribution rate for the fund as determined by the board under IC 5-10.2-2-11(b). The amount credited from the employer's contribution rate to the member's account shall be the normal cost of the fund. Any amount not credited to the member's account must be applied to the unfunded accrued liability of the fund as determined under IC 5-10.2-2-11(c).
(c) Notwithstanding subsection (b), an employer's minimum contribution under this section is equal to three percent (3%) of the compensation of all members of the plan.
(d) An employer shall submit the employer contributions determined under this section as provided in IC 5-10.2-2-12.5.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-11. Contributions and Earnings Belong to Member; Vesting in Employer Contribution Subaccount; Forfeiture of Employer Contributions

Sec. 11. (a) Member contributions and net earnings on the member contributions in the member contribution subaccount belong to the member at all times and do not belong to the employer.
(b) A member is vested in the employer contribution subaccount in accordance with the following schedule:
Years of participation in the
Vested percentage of
plan
employer contributions
and earnings
1
20%
2
40%
3
60%
4
80%
5
100%
For purposes of vesting in the employer contribution subaccount, only a member's full years of participation in the plan may be counted.
(c) The amount that a member may withdraw from the member's account is limited to the vested portion of the account.
(d) A member who attains normal retirement age is fully vested in all amounts in the member's account.
(e) If a member separates from service with an employer before the member is fully vested in the employer contribution subaccount, the amount in the employer contribution subaccount that is not vested remains in the employer contribution subaccount as unvested employer contributions until, and only to the extent that, the unvested employer contributions:
(1) become vested in accordance with subsection (b);
(2) are forfeited in accordance with subsection (f); or
(3) in some proportion, become vested under subdivision (1) and forfeited under subdivision (2).
(f) A member forfeits unvested employer contributions in the member's employer contribution account on the earliest of the following dates:
(1) The date of the member's death.
(2) The date that the member withdraws the member's money from the plan.
(3) The date that the plan is required to distribute the member's money from the plan.
(g) Amounts forfeited under subsection (f) must be used as determined by the board.
(h) A member may not earn creditable service (as defined in IC 5-10.2-3-1(a)) under the plan.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-12. Withdrawals From Member Account

Sec. 12. (a) After December 31, 2020, subject to the provisions of the Internal Revenue Code applicable to qualified plan distributions, a member who terminates service in a covered position is entitled to withdraw all or part of the amounts in the member's account to the extent the member is vested in the account. A member must make a required withdrawal from the member's account not later than the required beginning date under the Internal Revenue Code.
(b) A member may elect to have withdrawals paid as:
(1) a lump sum;
(2) a direct rollover to another eligible retirement plan; or
(3) if the member has attained normal retirement age, a monthly annuity in accordance with the rules of the board.
(c) The board may establish a minimum account balance or a minimum monthly payment amount in order for a member to select the monthly annuity option. The board shall establish the forms of annuity by rule, in consultation with the board's actuary. The board shall give members information about these forms of payment and any information required by federal law to accompany such distributions.
(d) Unless otherwise required by federal or state law, the requirements and rules that apply to the distribution of the annuity savings account apply to distributions from a member's account.
(e) Subject to the Pension Protection Act of 2006 and notwithstanding any state law, after December 31, 2020, an active member who:
(1) reaches normal retirement age; and
(2) has attained vested status in the fund;
may withdraw all or part of the amount in the member's account without separating from a covered position.
As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.15; P.L.51-2020, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-13. Member Death; Payment to Beneficiaries

Sec. 13. (a) If a member dies:
(1) while in service in a position covered by the plan; or
(2) after terminating service in a position covered by the plan but before withdrawing the member's account;
to the extent that the member is vested, the member's account shall be paid to the beneficiary or beneficiaries designated by the member on a form prescribed by the board. The amount paid must be valued as provided in IC 5-10.2-2-3. The board shall invest the total amount in the member's account in the stable value fund not later than thirty (30) days after receiving notification of a member's death.
(b) If there is no properly designated beneficiary, or if no beneficiary survives the member, the member's account shall be paid to:
(1) the surviving spouse of the member;
(2) if there is not a surviving spouse, the surviving dependent or dependents of the member in equal shares; or
(3) if there is not a surviving spouse or dependent, the member's estate.
(c) The beneficiary or beneficiaries designated under subsection (a) or a survivor determined under subsection (b) may elect to have the member's account paid as:
(1) a lump sum;
(2) a direct rollover to another eligible retirement plan; or
(3) a monthly annuity in accordance with rules of the board.
A monthly annuity is an option only on or after the date the beneficiary or survivor becomes sixty-two (62) years of age. The board shall establish the forms of annuity by rule, in consultation with the board's actuary. Further, the board may establish a minimum account balance or a minimum monthly payment amount that is required in order for a beneficiary or survivor to select the monthly annuity option.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-14. Assets of Plan Exempt From Levy, Sale, Garnishment, Attachment, or Other Legal Process; Limited Assignment by Member

Sec. 14. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process.
(b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the following:
(1) Premiums on a life, hospitalization, surgical, or medical group insurance plan maintained in part by a state agency.
(2) Dues to an association that proves to the board's satisfaction that the association has as members at least twenty percent (20%) of the retired members in the plan.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-15. Rollovers

Sec. 15. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations and guidance, the plan may accept, on behalf of any member, a rollover distribution from any of the following:
(1) A qualified plan described in Section 401(a) or Section 403(a) of the Internal Revenue Code.
(2) An annuity contract or account described in Section 403(b) of the Internal Revenue Code.
(3) An eligible plan maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state under Section 457(b) of the Internal Revenue Code.
(4) An individual retirement account or annuity described in Section 408(a) or Section 408(b) of the Internal Revenue Code.
(b) Any amounts rolled over under subsection (a) must be accounted for in a rollover account that is separate from the member's account in the plan. The member is fully vested in the member's rollover account.
(c) A member may direct the investment of the member's rollover account into any alternative investment option that the board may make available to the member's rollover account under section 8 of this chapter.
(d) A member may withdraw all or part of the member's rollover account from the plan in a lump sum or direct a rollover to an eligible retirement plan at any time. Upon attainment of normal retirement age, in addition to these payment options, the member may withdraw the member's rollover account as a monthly annuity as established by the board in accordance with the annuity options that are available for the member's account in the plan. A member shall make a required withdrawal from the member's account in the plan not later than the required beginning date under the Internal Revenue Code.
As added by P.L.217-2017, SEC.58. Amended by P.L.179-2018, SEC.11; P.L.27-2019, SEC.16.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-16. Member Disability

Sec. 16. (a) If a member becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member's qualification for Social Security disability benefits to the board, to the extent that the member is vested, the member may make a full or partial withdrawal from the member's account.
(b) The member may elect to have the withdrawal paid as:
(1) a lump sum;
(2) a direct rollover to another eligible retirement plan; or
(3) a monthly annuity in accordance with the rules of the board.
(c) The board may establish a minimum account balance or a minimum monthly payment amount in order for a member to select the monthly annuity option.
As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.17.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 8. Teachers' Defined Contribution Plan › 5-10.4-8-17. Resuming Membership; Second Election Not Allowed

Sec. 17. (a) If a member of the plan separates from employment with the member's employer and later returns to employment in a position covered by the plan:
(1) the individual resumes membership in the plan; and
(2) the member is entitled to receive credit for the member's years of participation in the plan before the member's separation.
(b) An individual who elected under section 6 of this chapter to become a member of the plan resumes membership in the plan upon the individual's return to employment covered by the plan.
(c) An individual who did not elect to become a member of the plan resumes membership in the fund.
(d) An individual who returns to employment in a position covered by the plan having had an opportunity to make an election under section 6 of this chapter during an earlier period of employment is not entitled to a second opportunity to make an election under section 6 of this chapter.
As added by P.L.217-2017, SEC.58.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 9. Participation by School Corporations in the Defined Contribution Plan › 5-10.4-9-1. Definitions

Sec. 1. The following definitions apply throughout this chapter:
(1) "Account" has the meaning set forth in IC 5-10.4-8-2.
(2) "Plan" has the meaning set forth in IC 5-10.4-8-2.
As added by P.L.217-2017, SEC.59. Amended by P.L.27-2019, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 9. Participation by School Corporations in the Defined Contribution Plan › 5-10.4-9-2. School Corporation Plan Participation Declared

Sec. 2. On the effective date of the plan, a school corporation becomes a participant in the plan.
As added by P.L.217-2017, SEC.59.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 9. Participation by School Corporations in the Defined Contribution Plan › 5-10.4-9-3. Governing Body Actions

Sec. 3. After a school corporation becomes a participant in the plan, its governing body may make appropriations, make payments, and do all things required under IC 5-10.4-8.
As added by P.L.217-2017, SEC.59.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 9. Participation by School Corporations in the Defined Contribution Plan › 5-10.4-9-4. Separate Accounts for Each Contribution Rate Group

Sec. 4. The board shall maintain separate accounts for each contribution rate group. Credits and charges to these accounts shall be made as prescribed under IC 5-10.4-8.
As added by P.L.217-2017, SEC.59.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 9. Participation by School Corporations in the Defined Contribution Plan › 5-10.4-9-5. School Corporation Appropriations and Payments From School General Fund

Sec. 5. A school corporation shall make the appropriations and payments required under this article and IC 5-10.2 from its education fund or operations fund in accordance with the categories of expenditures established under IC 20-42.5-3.
As added by P.L.217-2017, SEC.59. Amended by P.L.238-2019, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 9. Participation by School Corporations in the Defined Contribution Plan › 5-10.4-9-6. Withholding Money From or Suing a School Corporation That Fails to Make Payments to the Plan

Sec. 6. If a school corporation fails to make payments required by this chapter, the amount payable may be:
(1) withheld by the auditor of state from money payable to the school corporation and transferred to the plan; or
(2) recovered in a suit in the circuit or superior court of the county in which the school corporation is located. The suit must be an action by the state on the relation of the board, prosecuted by the attorney general.
As added by P.L.217-2017, SEC.59.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.5. Indiana Public Pension Modernization Act › Chapter 1. Definitions › 5-10.5-1-2. "Board"

Sec. 2. "Board" refers to the board of trustees of the system established by IC 5-10.5-3-1.
As added by P.L.23-2011, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.5. Indiana Public Pension Modernization Act › Chapter 1. Definitions › 5-10.5-1-4. "Public Employees' Retirement Fund"

Sec. 4. "Public employees' retirement fund" means the public employees' retirement fund established under IC 5-10.2 and IC 5-10.3.
As added by P.L.23-2011, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.5. Indiana Public Pension Modernization Act › Chapter 1. Definitions › 5-10.5-1-5. "Public Pension and Retirement Funds of the System"

Sec. 5. "Public pension and retirement funds of the system" means the public pension and retirement funds listed in IC 5-10.5-2-2.
As added by P.L.23-2011, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.5. Indiana Public Pension Modernization Act › Chapter 1. Definitions › 5-10.5-1-7. "Teachers' Retirement Fund"

Sec. 7. "Teachers' retirement fund" means the Indiana state teachers' retirement fund established under IC 5-10.2 and IC 5-10.4.
As added by P.L.23-2011, SEC.22.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.5. Indiana Public Pension Modernization Act › Chapter 2. Indiana Public Retirement System › 5-10.5-2-2. Funds Comprising the System

Sec. 2. The system consists of the following public pension or retirement funds:
(1) The public employees' retirement fund established under IC 5-10.2 and IC 5-10.3.
(2) The public employees' defined contribution plan established under IC 5-10.3-12.
(3) The Indiana state teachers' retirement fund established under IC 5-10.2 and IC 5-10.4.
(4) The teachers' defined contribution plan established under IC 5-10.4-8.
(5) The Indiana judges' retirement fund established under IC 33-38-6.
(6) The prosecuting attorneys retirement fund established under IC 33-39-7.
(7) The state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement fund established under IC 5-10-5.5.
(8) The 1977 police officers' and firefighters' pension and disability fund established under IC 36-8-8.
(9) The legislators' retirement system established under IC 2-3.5.
(10) The pension relief fund established under IC 5-10.3-11.
(11) The special death benefit fund established under IC 5-10-9.8.
As added by P.L.23-2011, SEC.22. Amended by P.L.40-2017, SEC.17; P.L.27-2019, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.5. Indiana Public Pension Modernization Act › Chapter 2. Indiana Public Retirement System › 5-10.5-2-3. Independent Body Corporate and Politic

Sec. 3. The system is an independent body corporate and politic. The system is not a department or agency of the state but is an independent instrumentality exercising essential government functions.
As added by P.L.23-2011, SEC.22.