§ 5-10-1.1-1 — Nonqualified deferred compensation plans; employee savings plans

Indiana § 5-10-1.1-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10: PUBLIC EMPLOYEE BENEFITS
• Ch. 1.1: Public Employees Deferred Compensation Plans

Text

The state and any political subdivision (as
defined by IC 36-1-2-13) may:
(1) agree with any employee to reduce and defer any portion of
such employee's compensation which under federal law may be
deferred under a nonqualified deferred compensation plan and
subsequently contract for, purchase, or otherwise procure
insurance and investment products appropriate for a nonqualified
deferred compensation plan (all referred to in this chapter as
"funding"), for the purpose of funding a deferred compensation
plan for such employee;
(2) if the political subdivision is a school corporation, establish an
employee savings plan that is a defined contribution plan
qualified under Section 401(a) or 403(b) of the Internal Revenue
Code, and contribute amounts to the plan on behalf of eligible
employees to be credited and allocated to an account for each
employee; and
(3) contribute amounts before January 1, 1995, and continue or
begin to contribute amounts after January 1, 1995, to a
nonqualified deferred compensation plan on behalf of eligible
employees, subject to any limits and provisions under Section 457
of the Internal Revenue Code.
Formerly: Acts 1975, P.L.42, SEC.1. As amended by Acts 1980,
P.L.27, SEC.1; P.L.42-1988, SEC.1; P.L.66-1995, SEC.1; P.L.65-1995,
SEC.1; P.L.15-1998, SEC.1; P.L.68-2001, SEC.1.