JurisdictionIndianaTitle 5STATE AND LOCAL ADMINISTRATION
Art. 10PUBLIC EMPLOYEE BENEFITS
Ch. 1.1Public Employees Deferred Compensation Plans
This text of Indiana § 5-10-1.1-3.5 (Deferred compensation plan; automatic enrollment) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
5.
(a)This section applies to an individual
who becomes an employee of the state after June 30, 2007.
(b)Unless an employee notifies the state that the employee does not
want to enroll in the deferred compensation plan or makes an
affirmative election under subsection (h), on day thirty-one (31) of the
employee's employment:
(1)the employee is automatically enrolled in the deferred
compensation plan; and
(2)the state is authorized to begin deductions as otherwise
allowed under this chapter.
(c)The state comptroller shall provide notice to an employee of the
provisions of this chapter. The notice provided under this subsection
must:
(1)contain a statement concerning:
(B)procedures for notifying the state that the employee does
not want to enroll in;
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5. (a) This section applies to an individual
who becomes an employee of the state after June 30, 2007.
(b) Unless an employee notifies the state that the employee does not
want to enroll in the deferred compensation plan or makes an
affirmative election under subsection (h), on day thirty-one (31) of the
employee's employment:
(1) the employee is automatically enrolled in the deferred
compensation plan; and
(2) the state is authorized to begin deductions as otherwise
allowed under this chapter.
(c) The state comptroller shall provide notice to an employee of the
provisions of this chapter. The notice provided under this subsection
must:
(1) contain a statement concerning:
(A) the purposes of;
(B) procedures for notifying the state that the employee does
not want to enroll in;
(C) the tax consequences of; and
(D) the details of the state match for employee contribution to;
the deferred compensation plan; and
(2) list the telephone number, electronic mail address, and other
contact information for the plan administrator.
(d) This subsection applies to contributions made before July 1,
2011. Notwithstanding IC 22-2-6, except as provided by subsection (h),
the state shall deduct from an employee's compensation as a
contribution to the deferred compensation plan established by the state
under this chapter an amount equal to the maximum amount of any
match provided by the state on behalf of the employee to a defined
contribution plan established under section 1.5(a) of this chapter.
(e) This subsection applies to contributions made after June 30,
2011, and before July 1, 2013. Notwithstanding IC 22-2-6 and except
as provided by subsection (h), during the first year an employee is
enrolled under subsection (b) in the deferred compensation plan, the
state shall deduct each pay period from the employee's compensation
as a contribution to the deferred compensation plan an amount equal
to the greater of the following:
(1) The maximum amount of any match provided by the state on
behalf of the employee to a defined contribution plan established
under section 1.5(a) of this chapter.
(2) One-half percent (0.5%) of the employee's base salary.
(f) This subsection applies to contributions made after June 30,
2013. Notwithstanding IC 22-2-6 and except as provided by subsection
(h), during the first year an employee is enrolled under subsection (b)
in the deferred compensation plan, the state shall deduct each pay
period from the employee's compensation as a contribution to the
deferred compensation plan an amount equal to the greater of the
following:
(1) The maximum amount of any match provided by the state on
behalf of the employee to a defined contribution plan established
under section 1.5(a) of this chapter.
(2) Two percent (2%) of the employee's base salary.
(g) This subsection applies to a year:
(1) after the first year in which an employee is enrolled in the
deferred compensation plan; and
(2) in which the employee does not affirmatively choose a
contribution amount under subsection (h).
The percentage of the employee's base salary used for the year in
subsection (e)(2) or (f)(2) to determine the employee's contribution
increases by one-half percent (0.5%) from the percentage determined
in the immediately preceding year. The maximum percentage of an
employee's base salary that may be deducted under this subsection is
five percent (5%). The contribution increase occurs on the anniversary
date of the employee's enrollment in the deferred compensation plan.
(h) An employee may affirmatively elect to enroll in the deferred
compensation plan in the amount described in subsections (d) through
(g). An employee may contribute to the deferred compensation plan
established by the state under this chapter an amount other than the
amount described in subsections (d) through (g) by affirmatively
choosing to contribute:
(1) a higher amount;
(2) a lower amount; or
(3) zero (0).