Indiana § 4-30-16-3 Administrative trust fund; transfer of surplus revenue

Indiana Statutes

§ 4-30-16-3 — Administrative trust fund; transfer of surplus revenue

Indiana·Art. 30 INDIANA STATE LOTTERY·Ch. 16 Allocation of Revenues and Expenditure of Funds

(a)The commission shall transfer the surplus revenue in the administrative trust fund as follows:

(1)Before the last business day of January, April, July, and October, the commission shall transfer seven million five hundred thousand dollars ($7,500,000) of the surplus revenue to the Indiana public retirement system for credit, as determined by the board of trustees of the Indiana public retirement system:

(A)first, to the pension stabilization fund established by IC 5-10.4-2-5, to be used as a credit against the unfunded accrued liability of the pre-1996 account (as defined by IC 5-10.4-1-12); and

(B)second, to one (1) or more of the supplemental allowance reserve accounts established under:

(i)IC 2-3.5-3-2(c) (for the legislators' defined benefit plan);

(ii)IC 5-10-5.5-4(c) (for th

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(a) The commission shall transfer the surplus
revenue in the administrative trust fund as follows:
(1) Before the last business day of January, April, July, and
October, the commission shall transfer seven million five hundred
thousand dollars ($7,500,000) of the surplus revenue to the
Indiana public retirement system for credit, as determined by the
board of trustees of the Indiana public retirement system:
(A) first, to the pension stabilization fund established by IC 5-10.4-2-5, to be used as a credit against the unfunded accrued
liability of the pre-1996 account (as defined by IC 5-10.4-1-12);
and
(B) second, to one (1) or more of the supplemental allowance
reserve accounts established under:
(i) IC 2-3.5-3-2(c) (for the legislators' defined benefit plan);
(ii) IC 5-10-5.5-4(c) (for the state excise police, gaming
agent, gaming control officer, and conservation enforcement
officers' retirement plan);
(iii) IC 5-10.2-2-2(a)(3) (for the public employees' retirement
fund); or
(iv) IC 5-10.2-2-2(c)(3) (for the Indiana state teachers'
retirement fund).
(2) Before the last business day of January, April, July, and
October, the commission shall transfer seven million five hundred
thousand dollars ($7,500,000) of the surplus revenue to the
treasurer of state for deposit in the pension relief fund (IC 5-10.3-11).
(3) The surplus revenue remaining in the fund on the last day of
January, April, July, and October after the transfers under
subdivisions (1) and (2) shall be transferred by the commission to
the treasurer of state for deposit on that day in the lottery surplus
fund.
(b) The commission may make transfers to the treasurer of state
more frequently than required by subsection (a). However, the number
of transfers does not affect the amount that is required to be transferred
for the purposes listed in subsection (a)(1) and (a)(2). Any amount
transferred during the month in excess of the amount required to be
transferred for the purposes listed in subsection (a)(1) and (a)(2) shall
be transferred to the lottery surplus fund.

Indiana § 4-30-16-3 (Administrative trust fund; transfer of surplus revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.341-1989(ss), SEC.1. Amended by P.L.32-1990, SEC.11; P.L.33-1990, SEC.1; P.L.240-1991(ss2), SEC.44; P.L.25-1995, SEC.3; P.L.273-1999, SEC.49; P.L.224-2003, SEC.41; P.L.246-2005, SEC.45; P.L.2-2006, SEC.7; P.L.146-2008, SEC.16; P.L.127-2018, SEC.3; P.L.108-2019, SEC.58.