§ 21-38-7-12 — Amount of state contribution

Indiana § 21-38-7-12

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 38: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 7: Transfer of Membership From Indiana State Teachers'

Text

(a) If a state educational institution
establishes a retirement benefit system applicable to employees of the
institution who otherwise qualify as members of the fund under IC 5-10.4-4-1, the general assembly shall appropriate to a state
educational institution that establishes a retirement benefit system to
fund the retirement benefit system an amount estimated to be equal to
seven and four-tenths percent (7.4%) of the compensation of an
employee who:
(1) makes the election described in section 5 of this chapter; and
(2) becomes a participant in the retirement benefit system of the
state educational institution for all or a part of the period of the
appropriation.
(b) The state educational institution shall:
(1) estimate the sum described in subsection (a); and
(2) submit the estimate to the budget agency and to the
commission for higher education for inclusion in the operating
appropriation of the state educational institution.
(c) The estimate described in subsection (b) must be submitted at
the same time but separately from the request of the state educational
institution for an operating appropriation.
[Pre-2007 Higher Education Recodification Citation:
21-6.1-8-3.]

Legislative History

As added by P.L.2-2007, SEC.279.