reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-20.3. Election During July 2016, by First Time State Employee Who Is Fund Member

Sec. 20.3. (a) This section applies to an individual who:
(1) is an employee of the state on July 1, 2016;
(2) became for the first time, after January 1, 2013, a full-time employee of the state in a position that is eligible for membership in the fund under IC 5-10.3-7; and
(3) is a member (as defined in IC 5-10.3-1-5) of the fund.
(b) An individual to whom this section applies may elect to become a member of the plan. 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, not later than July 30, 2016; and
(3) is irrevocable.
(c) If an individual makes the election described in subsection (b), the following apply:
(1) The individual's service from the date, after January 1, 2013, that the individual first became a full-time employee of the state until the date immediately preceding the date of the individual's election under subsection (b) is considered participation in the plan for purposes of vesting in the employer contribution subaccount under section 25 of this chapter, and the individual waives service credit in the fund for the service.
(2) The amount credited to the individual's annuity savings account in the fund on the date of the individual's election under subsection (b) is transferred to the individual's member contribution subaccount.
(3) The amounts paid to the fund by the state as employer normal cost contributions for the individual from the date, after January 1, 2013, that the individual first became a full-time employee of the state until the date immediately preceding the date of the individual's election under subsection (b) are transferred to the individual's employer contribution subaccount.
As added by P.L.193-2016, SEC.15.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-20.5. Election by Employee of Political Subdivision to Become Plan Member; Failure to Make Election

Sec. 20.5. (a) This section applies to an individual described in section 1(a)(3) of this chapter who is otherwise eligible to become a member of the plan.
(b) An individual described in subsection (a) may elect to become a member of the plan on the date the individual begins the individual's employment in a covered position with a political subdivision that participates in the plan. The election applies to all service credit that the member accrues in a covered position as an employee of the political subdivision while the political subdivision participates in the plan.
(c) 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.
(d) Except as provided in section 32(b) of this chapter, an individual described in subsection (a) who does not elect to become a member of the plan becomes a member (as defined in IC 5-10.3-1-5) of the fund for all service credit that the member accrues in a covered position as an employee of the political subdivision while the political subdivision participates in the fund.
As added by P.L.241-2015, SEC.30. Amended by P.L.209-2016, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-21. Plan; Member Accounts; Rollover Accounts

Sec. 21. (a) The plan consists of the following:
(1) Each member's contributions to the plan under section 23 of this chapter.
(2) Contributions made by an employer to the plan on behalf of each member under section 24 or 24.5 of this chapter.
(3) Rollovers to the plan by a member under section 29 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 23 of this chapter; and
(B) the net earnings on the contributions described in clause (A) as determined under section 22 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 24 or 24.5 of this chapter; and
(B) the earnings on the contributions described in clause (A) as determined under section 22 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 29 of this chapter, the plan shall establish a rollover account as a separate subaccount within the member's account.
As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.30; P.L.35-2012, SEC.84; P.L.241-2015, SEC.31; P.L.209-2016, SEC.6; P.L.27-2019, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-22. Alternative Investment Programs; Stable Value Fund Program; Requirements and Rules; Administrative Fees

Sec. 22. (a) Subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the board shall establish:
(1) a stable value fund as the regular investment program 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.22-2011, SEC.2. Amended by P.L.6-2012, SEC.31; P.L.193-2016, SEC.16; P.L.86-2018, SEC.17; P.L.27-2019, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-23. Member Required Contributions; Additional Contributions; Crediting; Employer Pick-Up and Payment

Sec. 23. (a) This section does not apply to a member of the plan described in section 1(a)(7) of this chapter with respect to the member's service with a volunteer fire department.
(b) Each member's contribution to the plan is equal to three percent (3%) of the member's compensation.
(c) For a member who is an employee of the state, the state shall pay the member's contribution on behalf of the member each year.
(d) For a member who is an employee of a political subdivision, the political subdivision may pay all or part of the member's contribution on behalf of the member.
(e) 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 (b). IC 5-10.2-3-2(c) and IC 5-10.2-3-2(d) govern additional contributions made under this subsection.
(f) Member contributions will be credited to the member's account as specified in IC 5-10.2-3.
(g) Although designated as employee contributions, the contributions made under subsection (c) are picked up and paid by the state as the employer in lieu of the contributions being paid by the employee in accordance with Section 414(h)(2) of the Internal Revenue Code.
(h) Although designated as employee contributions, the contributions made under subsection (d) by a political subdivision may 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.
(i) 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.22-2011, SEC.2. Amended by P.L.5-2014, SEC.1; P.L.241-2015, SEC.32; P.L.96-2020, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-24. State Employer Contribution; Contribution Rate Determination; Minimum Rate; Amounts Credited; Electronic Submission of Contributions

Sec. 24. (a) The state shall make employer contributions to the plan based on the rate determined under this section.
(b) The state's contribution rate for the plan is 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 not be greater than the normal cost of the fund. Any amount not credited to the member's account shall be applied to the unfunded accrued liability of the fund as determined under IC 5-10.2-2-11(a)(3) and IC 5-10.2-2-11(a)(4).
(c) The state's minimum contribution under this section is equal to three percent (3%) of the compensation of all members of the plan who are employees of the state.
(d) The state shall submit the employer contributions determined under this section as provided in IC 5-10.2-2-12.5.
As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.33.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-24.5. Political Subdivision Employer Contribution; Contribution Rate Determination; Amounts Credited; Electronic Submission of Contributions

Sec. 24.5. (a) This section does not apply to a participating political subdivision's contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual's service with a volunteer fire department.
(b) A participating political subdivision shall make employer contributions to the plan based on the rate determined under this section.
(c) A participating political subdivision's contribution rate for the plan is equal to the sum of:
(1) the contribution rate determined by the participating political subdivision under IC 5-10.3-6-1(c); and
(2) the sum, for each member employed by the participating political subdivision, of:
(A) the member's additional contribution to the plan under section 23(e) of this chapter; multiplied by
(B) the participating political subdivision's matching rate determined under IC 5-10.3-6-1(d).
(d) For each employee of a participating political subdivision, the amount credited to the member's account is the part of the employer's contribution determined under subsection (c) that is attributable to the member's compensation and the member's additional contributions.
(e) A participating political subdivision shall submit the employer contributions determined under this section as provided in IC 5-10.2-2-12.5.
As added by P.L.241-2015, SEC.34. Amended by P.L.96-2020, SEC.6.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-24.7. Political Subdivision Contributions; Members of a Volunteer Fire Department

Sec. 24.7. (a) This section applies to a participating political subdivision's contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual's service with a volunteer fire department.
(b) The governing body of a participating political subdivision shall determine the participating political subdivision's contribution to the plan for individuals described in section 1(a)(7) of this chapter with respect to the individual's service with the volunteer fire department in accordance with IC 5-10.3-6-1.1.
(c) For each individual described in section 1(a)(7) of this chapter for whom the participating political subdivision makes a contribution under this section, the amount credited to the member's account is the entire amount of the contribution that is made on behalf of the individual. No part of a contribution made on behalf of the individual under this section may be paid into the fund.
(d) A participating political subdivision shall submit the employer contributions determined under this section as provided in IC 5-10.2-2-12.5.
As added by P.L.96-2020, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-25. Member Contributions Belong to Member; Vesting Schedule for Employer Contributions; Forfeiture of Amounts Not Vested

Sec. 25. (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 any 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 the member's employer before the member is fully vested in the employer contribution subaccount, the amount in the employer contribution subaccount that is not vested is forfeited as of the date the member separates from service.
(f) Amounts forfeited under subsection (e) must be used to reduce the unfunded accrued liability of the fund as determined under IC 5-10.2-2-11(a)(3) and IC 5-10.2-2-11(a)(4).
(g) 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.22-2011, SEC.2. Amended by P.L.6-2012, SEC.32; P.L.241-2015, SEC.35.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-26. Member Accounts; Withdrawals; Forms of Payment

Sec. 26. (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) The 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.22-2011, SEC.2. Amended by P.L.6-2012, SEC.33; P.L.66-2013, SEC.2; P.L.27-2019, SEC.9; P.L.51-2020, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-27. Member Accounts; Beneficiary or Survivor Withdrawals; Forms of Payment

Sec. 27. (a) If a member dies:
(1) while in service in a position covered by the plan but not in the line of duty; 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 shall be valued as provided in IC 5-10.2-2-3 and IC 5-10.2-2-4 (expired). 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 beneficiary or survivor attains 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.
(d) If a member dies in the line of duty while in service in a covered position, the designated beneficiary or beneficiaries or the surviving spouse or dependents, as applicable, are entitled to payment of the member's account as provided in this section. In addition, if the member was not fully vested in the employer contribution subaccount, the account is deemed to be fully vested for purposes of withdrawal under this section.
As added by P.L.22-2011, SEC.2. Amended by P.L.86-2018, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-28. Plan Exempt From Legal Process; Assignment of Payments

Sec. 28. (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.22-2011, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-29. Rollover Contributions; Rollover Accounts

Sec. 29. (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 shall be 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 22 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 must 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.22-2011, SEC.2. Amended by P.L.179-2018, SEC.10; P.L.27-2019, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-30. Member Accounts; Disability Withdrawals; Forms of Payment

Sec. 30. (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.22-2011, SEC.2. Amended by P.L.6-2012, SEC.34; P.L.27-2019, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-31. Effect of Reemployment on Plan Participation

Sec. 31. (a) If a member of the plan separates from employment with the member's employer and later begins employment with the same or a different employer in a position covered by the plan:
(1) the member resumes the member's participation 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.
Any amounts forfeited by the member under section 25(e) of this chapter may not be restored to the member's account.
(b) An individual who returns to state employment having had an opportunity to make an election under section 20 of this chapter during an earlier period of state employment is not entitled to a second opportunity to make an election under section 20 of this chapter.
(c) An individual described in section 1(a)(3) of this chapter who returns to employment with a participating political subdivision having had an opportunity to make an election under section 20.5 of this chapter during an earlier period of employment with the participating political subdivision is not entitled to a second opportunity to make an election under section 20.5 of this chapter with respect to that employer.
As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.36; P.L.209-2016, SEC.7; P.L.85-2017, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 12. Public Employees' Defined Contribution Plan › 5-10.3-12-32. Election by State or Participating Political Subdivision to Allow Plan Participation by Retired Reemployed Fund Members

Sec. 32. (a) Notwithstanding section 20 and section 31(b) of this chapter, the state may elect to allow an individual who meets the following conditions to begin or resume membership in the plan for a period of reemployment with the state on the later of the date the board receives notice that the state has made an election under this subsection or the date on which the individual's period of reemployment begins:
(1) The individual is a retired member (as defined in IC 5-10.3-1-5) of the fund.
(2) The individual is prohibited from making contributions to the fund under IC 5-10.2-4-8(e) during a period of reemployment that begins more than thirty (30) days after the member retired.
(3) On or after the date the board receives notice that the state has made an election under this subsection, the individual begins, or is engaged in, a period of reemployment with the state in a position that would otherwise be covered by the fund.
An election by the state under this subsection must be made as provided under IC 5-10.2-2-23 and is effective on the date that notice of the election is filed with the board.
(b) Notwithstanding section 20.5 and section 31(c) of this chapter, a participating political subdivision may adopt an ordinance or resolution allowing an individual who meets the following conditions to begin or resume membership in the plan for a period of reemployment with the participating political subdivision on the later of the date the ordinance or resolution adopted by the participating political subdivision is filed with the board or the date on which the individual's period of reemployment begins:
(1) The individual is a retired member (as defined in IC 5-10.3-1-5) of the fund.
(2) The individual is prohibited from making contributions to the fund under IC 5-10.2-4-8(e) during a period of reemployment that begins more than thirty (30) days after the member retired.
(3) On or after the date a participating political subdivision files an ordinance or resolution adopted under this subsection, the individual begins, or is engaged in, a period of reemployment with a participating political subdivision as a full-time employee in a position that would otherwise be covered by the fund.
An election by a participating political subdivision under this subsection is effective on the date the ordinance or resolution adopted by a participating political subdivision is filed with the board.
As added by P.L.209-2016, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-0.3. Legalization of Payment of Certain Benefits

Sec. 0.3. If before June 1, 1985, the board approved a member's choice of retirement date that preceded the member's application for benefits, payments made as a result of the choice of retirement date are legalized.
As added by P.L.220-2011, SEC.84.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-0.4. Retention of Certain Accrued Creditable Service

Sec. 0.4. (a) The definitions in IC 21-6.1-1 (before its repeal, now codified in this chapter) apply throughout this section.
(b) Notwithstanding IC 21-6.1-4-5 (as amended by P.L.214-1995, before its repeal, now codified at IC 5-10.4-4-7) and IC 21-6.1-4-13(a) (as added by P.L.214-1995, before its repeal, now codified at IC 5-10.4-4-14), and subject to IC 21-6.1-4-13(b) (as added by P.L.214-1995, before its repeal, now codified at IC 5-10.4-4-14), a member who accrued creditable service before January 1, 1995, for leave for other educational employment approved by the board:
(1) retains the creditable service accrued before January 1, 1995, resulting from the leave for other educational employment that was approved by the board; and
(2) continues to accrue creditable service after December 31, 1994, resulting from the leave for other educational employment that was approved before January 1, 1995, by the board.
As added by P.L.220-2011, SEC.85.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-1. Purpose

Sec. 1. This article supplements IC 5-10.2 and may not be construed or administered to diminish or nullify the rights, privileges, and benefits conferred by IC 5-10.2, except for the granting and purchase of service credit under IC 21-6.1-4 (before its repeal) or IC 5-10.4-4.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-19(a).]
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 1. General Provisions › 5-10.4-1-3. "1996 Account"

Sec. 3. "1996 account" refers to the 1996 account established within the fund under IC 5-10.4-2-2.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-6.7.]
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 1. General Provisions › 5-10.4-1-4. "Americans With Disabilities Act"

Sec. 4. "Americans with Disabilities Act" refers to the Americans with Disabilities Act (42 U.S.C. 12101 et seq.) and any amendments and regulations related to the Act.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-1.5.]
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 1. General Provisions › 5-10.4-1-5. "Board"

Sec. 5. "Board" refers to the board of trustees of the Indiana public retirement system established by IC 5-10.5-3-1.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-1.]
As added by P.L.2-2006, SEC.28. Amended by P.L.23-2011, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-6. "Director"

Sec. 6. "Director" refers to the director of the Indiana public retirement system established by IC 5-10.5-2-1.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-2.5.]
As added by P.L.2-2006, SEC.28. Amended by P.L.35-2012, SEC.85.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-7. "Fund"

Sec. 7. "Fund" refers to the Indiana state teachers' retirement fund:
(1) established by; and
(2) operating under;
this article.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-4.]
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 1. General Provisions › 5-10.4-1-8. "Governing Body"

Sec. 8. "Governing body" means:
(1) a board of school commissioners;
(2) a metropolitan board of education;
(3) a board of trustees; or
(4) another board or commission;
charged by law with the responsibility of administering the affairs of a school corporation.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-5.]
As added by P.L.2-2006, SEC.28. Amended by P.L.233-2015, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-9. "Member"

Sec. 9. "Member" means a person qualifying for membership in the fund under IC 5-10.4-4-1.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-6.]
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 1. General Provisions › 5-10.4-1-10. "Member's Contribution"

Sec. 10. "Member's contributions" includes contributions paid by the employer of a member for the member to the fund.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-6.5.]
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 1. General Provisions › 5-10.4-1-11. "Military Service"

Sec. 11. "Military service" means service in the military, naval, or air service of the United States armed forces.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-6.8.]
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 1. General Provisions › 5-10.4-1-12. "Pre-1996 Account"

Sec. 12. "Pre-1996 account" refers to the pre-1996 account established within the fund under IC 5-10.4-2-2.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-6.9.]
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 1. General Provisions › 5-10.4-1-13. "School Corporation"

Sec. 13. "School corporation" means a public school corporation established by and under Indiana law. The term includes any:
(1) school city;
(2) school town;
(3) consolidated school corporation;
(4) metropolitan school district;
(5) township school corporation;
(6) county school corporation;
(7) united school corporation; or
(8) community school corporation.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-7.]
As added by P.L.2-2006, SEC.28. Amended by P.L.233-2015, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-14. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-8.]
As added by P.L.2-2006, SEC.28. Repealed by P.L.43-2021, SEC.27.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 1. General Provisions › 5-10.4-1-15. "Transfer"

Sec. 15. "Transfer" includes the acts of selling and assigning.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-10.]
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 1. General Provisions › 5-10.4-1-16. "Trustee"

Sec. 16. "Trustee" means a member of the board.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-1-11.]
As added by P.L.2-2006, SEC.28. Amended by P.L.35-2012, SEC.86.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 2. Fund › 5-10.4-2-1. Establishment of Fund

Sec. 1. (a) The Indiana state teachers' retirement fund is established to be used to pay benefits to teachers and to supervisors of teachers in the public schools after specified years of service and under other specified circumstances.
(b) The board is responsible for the control and management of the fund.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-2-1.]
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 2. Fund › 5-10.4-2-2. Accounts

Sec. 2. (a) The board shall segregate the fund into the following accounts:
(1) The pre-1996 account.
(2) The 1996 account.
(b) The board shall segregate each of the accounts established under subsection (a) into the following subaccounts:
(1) The annuity savings account.
(2) The retirement allowance account.
(c) Except as provided in subsection (d), member contributions shall be credited to the annuity savings account within the pre-1996 account.
(d) Member contributions made after June 30, 1995, with respect to the following members shall be credited to the annuity savings account within the 1996 account:
(1) An individual who first became a member of the fund after June 30, 1995.
(2) A member who:
(A) before July 1, 1995, served in a position covered by the fund; and
(B) after June 30, 1995, and before July 1, 2005, was hired by another school corporation or institution covered by the fund or rehired by a prior employer.
(3) A member described in subdivision (2) who, after June 30, 2005, is hired by another school corporation or institution covered by the fund or rehired by a prior employer.
(e) Member contributions made to the pre-1996 account with respect to a member covered by subsection (d) shall be transferred to the annuity savings account within the 1996 account.
(f) Employer contributions made after June 30, 1995, with respect to members described in subsection (d) shall be credited to the retirement allowance account within the 1996 account. Employer contributions made after June 30, 1995, with respect to all other members shall be credited to the retirement allowance account within the pre-1996 account.
(g) The board shall administer these accounts and subaccounts as specified in IC 5-10.2-2.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-2-2.]
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 2. Fund › 5-10.4-2-2.5. Adjustment of Employer Compensation Rate Because of Certain Savings

Sec. 2.5. The board shall adjust the employer contribution rate for the Indiana state teachers' retirement fund to take into account any actuarial savings resulting from the amendment to IC 21-6.1-2-2 (before its repeal, now codified at section 2 of this chapter) by P.L.291-2001.
As added by P.L.220-2011, SEC.86.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 2. Fund › 5-10.4-2-3. Proration of Expenses Among Accounts

Sec. 3. (a) The board shall:
(1) prorate the expenses of administration of the fund between the retirement allowance accounts; and
(2) pay the prorated expenses from those accounts.
(b) The board shall pay the expenses for the administration of the system as provided in IC 5-10.5-6-5.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-2-4.]
As added by P.L.2-2006, SEC.28. Amended by P.L.35-2012, SEC.87.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 2. Fund › 5-10.4-2-4. Required Appropriation

Sec. 4. (a) The general assembly shall appropriate an amount from the state general fund that is sufficient to cover the state's actuarial liability for each member covered by the pre-1996 account and for each state employee covered by the 1996 account. The board may reduce this liability by the amount of interest earned on the deposits in the fund. This liability is determined by the actuarial investigation required by IC 5-10.2-2-9.
(b) The actuarial investigation and the board shall include in the determination of the liability, contribution rate, and appropriation the amount necessary to fully fund any past and estimated future cost of living increases for members of the pre-1996 account and the 1996 account, amortized over a term determined by the board that does not exceed thirty (30) years. However, after June 30, 2018, the actuarial investigation must incorporate the requirements specified in IC 5-10.2-2-9(d), and the board shall segregate from its determination of contributions and contribution rates any amounts attributable to estimated future postretirement benefit increases, thirteenth checks, or other benefit changes or adjustments granted by the general assembly after June 30, 2018.
(c) The board shall:
(1) prepare its budget based on this investigation and for other specified expenditures; and
(2) submit the budget to the governor or to another officer or committee authorized by law to recommend the necessary appropriation.
(d) Each school corporation shall contribute to the 1996 account as specified in IC 5-10.4-7.
(e) If members receive compensation from federal funds, the board shall determine the employer's contribution, excluding administrative expenses, at the end of each fiscal year, to be paid from federal funds. The amount shall be determined by a method adopted by the board that results in an equitable sharing of the employer contribution by the federal government on account of members receiving compensation from federal funds.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-2-5.]
As added by P.L.2-2006, SEC.28. Amended by P.L.111-2015, SEC.3; P.L.127-2018, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 2. Fund › 5-10.4-2-5. Pension Stabilization Fund

Sec. 5. (a) The pension stabilization fund is established. The pension stabilization fund is a part of the pre-1996 account and shall be administered by the board in accordance with the powers and duties granted to the board by IC 5-10.4-3-10 through IC 5-10.4-3-14, IC 5-10.5-4, and IC 5-10.5-6.
(b) The following shall be deposited in the pension stabilization fund:
(1) Amounts allocated to the pension stabilization fund by the board from amounts transferred to the Indiana public retirement system under IC 4-30-16-3.
(2) A part of the employer reserve balance as determined by the budget director so that the employer reserve is sufficient for the cash flow needs.
(3) Other amounts appropriated to the pension stabilization fund by the general assembly.
(c) Payments from the pension stabilization fund must equal the pre-1996 account liabilities for the current fiscal year minus the prior year's state general fund payments for the pre-1996 account multiplied by the pension stabilization percentage set forth in subsection (d).
(d) The pension stabilization percentage is one hundred six percent (106%). The budget agency, after review by the budget committee and with the approval of the governor, may change the pension stabilization percentage so that the present value of future payments from the fund equal the fund's balance plus the present value of future receipts to the fund, but the payments may not allow the fund balance to be negative.
(e) Money in the pension stabilization fund at the end of a state fiscal year does not revert to the state general fund.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-2-8.]
As added by P.L.2-2006, SEC.28. Amended by P.L.35-2012, SEC.88; P.L.127-2018, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 2. Fund › 5-10.4-2-5.5. Allocation From Pension Stabilization Fund Certain Amounts

Sec. 5.5. The board shall allocate from the pension stabilization fund (IC 21-6.1-2-8, before its repeal, now codified at section 5 of this chapter) to the fund's 1996 account an amount equal to the unfunded liability for individuals who were members of the fund's pre-1996 account before July 1, 1995, (and survivors and beneficiaries of these members) who after June 30, 1995, became members of the Indiana state teachers' retirement fund's 1996 account.
As added by P.L.220-2011, SEC.87.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 2. Fund › 5-10.4-2-6. Allocation of Interest Income

Sec. 6. The board shall do the following:
(1) Credit interest to the members' annuity savings accounts in the guaranteed fund (before January 1, 2017), actual earnings to the stable value fund (after December 31, 2016), and actual earnings to the alternative investment programs.
(2) After complying with subdivision (1), distribute any remaining undistributed income reserve as of the end of each accounting period as determined by the rules of the board.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-2-9.]
As added by P.L.2-2006, SEC.28. Amended by P.L.99-2010, SEC.6; P.L.193-2016, SEC.17.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-1. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-1.]
As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-2. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-2.]
As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-3. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-3.]
As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-4. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-4.]
As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-5. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-5.]
As added by P.L.2-2006, SEC.28. Amended by P.L.107-2010, SEC.3. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-6. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-6.]
As added by P.L.2-2006, SEC.28. Amended by P.L.107-2010, SEC.4. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-7. Financial Information; Annualization of Data

Sec. 7. The board shall annually analyze the fund's:
(1) income and expenditures;
(2) actuarial condition;
(3) reserve accounts;
(4) investments; and
(5) such other data as necessary to interpret the fund's condition and the board's administration of the fund;
for internal control purposes.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-6.1.]
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 3. Board › 5-10.4-3-8. Repealed

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-7.]
As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-9. Management of Property

Sec. 9. (a) The board is responsible for the fund's property. The board may take and hold any property given outright or on condition to the fund and shall perform the conditions accepted. Unless restricted by a condition, the board may transfer the property when necessary for the fund's benefit.
(b) The board shall receipt:
(1) property belonging to or coming into the fund and shall judiciously invest the property; and
(2) money coming into the fund and, except as specified in sections 13 and 14 of this chapter, shall deposit the money as authorized by the board.
(c) The board shall direct the fund's disbursements on itemized vouchers approved by the president of the board and the director or, in the absence or incapacity of both officers, by another trustee directed by order of the board.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-8.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.13.