Indiana Administrative Code › Title 35 - BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM › Article 1.2 - PUBLIC EMPLOYEES' RETIREMENT FUND › Rule 2 - Definitions › Section 2-1 - Definitions

Current through July 10, 2024
Authority: IC 5-10.5-4-2
Affected: IC 5-10.2; IC 5-10.3-2-1; IC 5-10.3-7; IC
				  5-10.5
Sec. 1.
The following definitions apply throughout this title, unless
				  the context otherwise clearly requires:
(1) "After the member's retirement", for
				purposes of IC 5-10.2-4-8(b), means when a member separates from
				employment.
(2) "Annuity savings
				account" or "ASA" consists of the member's contributions whether paid by the
				member or picked up by the employer, additional annuity contributions, and
				interest credits on these contributions.
(3) "Board" means the board of trustees of
				the public employees' retirement fund of Indiana.
(4) "Ceases service", for purposes of IC
				5-10.2-4-3(e) only, means when a member stops earning creditable
				service.
(5) "De minimis account"
				or "de minimis amount" means an inactive, retired, retired for disability,
				suspended, or deceased member's ASA account whereby no regular and continuing
				contributions are being received and the account has a balance of which the
				value is less than the actual cost of making a distribution of the balance to
				the member or the member's beneficiary.
(6) "De minimis overpayment" means an active,
				inactive, retired, retired for disability, suspended, or deceased member's ASA
				account which received an overpayment totaling no more than ten dollars
				($10).
(7) "Employer" means the
				state for employees of the state and a participating political subdivision for
				its employees.
(8) "Employer
				contributions" means contributions made by the state and political subdivisions
				to the retirement allowance account.
(9) "ERM" means the employer reporting and
				maintenance system, a web-enabled software application that manages employer
				and member data and collects members' wages and contributions.
(10) "Full-time employee" means an employee
				occupying a position covered by the fund as set out in IC 5-10.3-7.
(11) "Fund" means the public employees'
				retirement fund of Indiana.
(12)
				"Gender and number" means the masculine gender shall include the feminine, and
				the singular the plural as the context may require.
(13) "Governing body" means the county
				council, city council, trustees of a town, the township board, board of school
				commissioners, library board, or any board which by law is authorized to fix a
				rate of taxation on property of a political subdivision, or any other board
				which is empowered to administer the affairs of any department of a political
				subdivision, which department receives revenue independently of, or in addition
				to, funds obtained from taxation.
(14) "Indiana pension administration system"
				or "INPAS" means the defined benefit system, a software application that
				manages employer and member data and calculates member retirement, disability,
				and survivor benefits.
(15) "INPRS"
				means the Indiana public retirement system established under IC
				5-10.5-2-1.
(16) "Member" means
				persons qualifying for membership under IC 5-10.3-7-1.
(17) "Member's contribution" means
				contribution which each member shall, as a condition of employment, contribute
				to the fund, which is three percent (3%) of the member's compensation (basic
				salary as defined in 35 IAC 1.2-5-5 ), and which includes contributions paid by
				the employer for the member pursuant to IC 5-10.2-3-2 and IC 5-10.3-7-9, and
				additional annuity contributions.
(18) "PERF" means the public employees'
				retirement fund.
(19) "Political
				subdivision" means a county, city, town, township, political body corporate,
				public school corporation, public library, public utility of a county, city,
				town, township, and any department of, or associated with, a county, city, town
				or township, which department receives revenue independently of, or in addition
				to, funds obtained from taxation.
(20) "Retirement allowance account" consists
				of employer contributions for pensions and separate accounts shall be
				maintained for contributions by the state and by each political
				subdivision.
(21) "Vested status"
				means the status of having ten (10) years of creditable
				service.