Indiana § 5-10-1.1-1.5 Defined contribution plan

Indiana Statutes

§ 5-10-1.1-1.5 — Defined contribution plan

Indiana § 5-10-1.1-1.5

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10PUBLIC EMPLOYEE BENEFITS

Ch. 1.1Public Employees Deferred Compensation Plans

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Bluebook

Ind. Code § 5-10-1.1-1.5 (2026).

Text

5.

(a)The state, through the budget agency, may adopt a defined contribution plan, under Section 401(a) of the Internal Revenue Code, for the purpose of matching all or a specified portion of state employees' contributions to the state employees' deferred compensation plan and for any additional purposes established by statute.

(b)The deferred compensation committee shall be the trustee of a plan established under subsection (a) as described in section 4 of this chapter. A plan established under subsection (a) shall be administered by the state comptroller as described in section 5 of this chapter.

(c)The deferred compensation committee may approve funding offerings for a plan established under subsection (a), which may be the same as offerings for the state employees' deferred compensa

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5. (a) The state, through the budget agency,
may adopt a defined contribution plan, under Section 401(a) of the
Internal Revenue Code, for the purpose of matching all or a specified
portion of state employees' contributions to the state employees'
deferred compensation plan and for any additional purposes established
by statute.
(b) The deferred compensation committee shall be the trustee of a
plan established under subsection (a) as described in section 4 of this
chapter. A plan established under subsection (a) shall be administered
by the state comptroller as described in section 5 of this chapter.
(c) The deferred compensation committee may approve funding
offerings for a plan established under subsection (a), which may be the
same as offerings for the state employees' deferred compensation plan.
All funds in each plan shall be separately accounted for but may be
commingled for investment purposes.
(d) Contributions to a plan established under subsection (a) are
limited to the amount of biennial appropriations the budget agency
determines are available for any such purposes. The deferred
compensation committee may use funds available under the plan to hire
or contract with qualified attorneys, financial advisers, or other
professional or administrative persons that the committee believes are
necessary or useful in the administration of the plan.
(e) A plan established under subsection (a) must include appropriate
provisions concerning the plan's day to day operation and any other
provisions that are appropriate. Notwithstanding IC 22-2-6-2, the plan
may also include provisions for the use of automated voice response
units and telephonic communications, online activities, and other
technology for participant elections, directions, and services if the
technology has sufficient capacity to record and store the elections and
directions.
(f) The state is obligated at any particular time only for the current
market value of the funding previously made to a plan established
under subsection (a).
(g) The state board of finance shall extend the plan established
under subsection (a) to any political subdivision that also elects to use
the state employees' deferred compensation plan for its employees as
authorized in section 7(b)(2) or 7(b)(3) of this chapter.