Indiana § 14-19-11-19 Resolution adoption; requirements

Indiana Statutes

§ 14-19-11-19 — Resolution adoption; requirements

Indiana·Art. 19 STATE PARKS AND RECREATION AREAS·Ch. 11 Indiana State Park Inns Authority

(a)The executive director shall adopt a resolution providing that the employees of the authority who are eligible to participate in the public employees' retirement fund under the eligibility requirements set forth in IC 5-10.2 and IC 5-10.3 shall participate in the fund.

(b)In the resolution adopted under subsection (a), the executive director may determine the date from which prior service for an employee of the authority will be computed and purchase the prior service subject to the following and in accordance with this section:

(1)Before the member retires, the authority shall make contributions to the fund that are equal to the product of the following:

(A)The member's salary at the time of the service credit purchase.

(B)A percentage rate, as determined by the actuary of the fun

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(a) The executive director shall adopt a
resolution providing that the employees of the authority who are
eligible to participate in the public employees' retirement fund under
the eligibility requirements set forth in IC 5-10.2 and IC 5-10.3 shall
participate in the fund.
(b) In the resolution adopted under subsection (a), the executive
director may determine the date from which prior service for an
employee of the authority will be computed and purchase the prior
service subject to the following and in accordance with this section:
(1) Before the member retires, the authority shall make
contributions to the fund that are equal to the product of the
following:
(A) The member's salary at the time of the service credit
purchase.
(B) A percentage rate, as determined by the actuary of the fund,
based on the age of the member at the time the authority makes
a contribution for service credit and computed to result in a
contribution amount that approximates the actuarial present
value of the benefit attributable to the service credit purchased.
(C) The number of years of service credit that the authority
intends to purchase.
(2) Contributions for any accrued interest, at a rate determined by
the actuary of the fund, for the period from the member's initial
membership in the fund to the date payment is made.
(c) The authority shall verify that the member's prior service is
valid.
(d) The board of trustees of the Indiana public retirement system
established by IC 5-10.5-3-1 may deny the purchase of service credit
if the purchase would exceed the limitations under Section 415 of the
Internal Revenue Code.
(e) The authority may fund prior member contribution amounts
described in IC 5-10.3-7-9(b) at an amount that may not exceed three
percent (3%) of the member's salary at the time the contributions are
made for each year of service purchased.
(f) The authority may submit contributions to the retirement medical
benefits account established by IC 5-10-8.5-11 based on the year or
years of service purchased.