§ 5-10-1.1-7 — Participation by political subdivisions

Indiana § 5-10-1.1-7

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

Text

(a) Any political subdivision (as defined in IC 36-1-2-13) may establish for its employees a deferred compensation
plan. The plan shall be selected by the governing body of the political
subdivision, which in the case of a unit subject to IC 36-1-3 shall be
done by ordinance. Participation shall be by written agreement between
each employee and the governing body of the political subdivision,
which agreement provides for the deferral of compensation and
subsequent administration of such funds.
(b) For funding such agreements, the governing body of the political
subdivision may:
(1) designate one (1) of its agencies or departments to establish
and administer such plans and choose such funding as deemed
appropriate by the agency or department, which may include more
than one (1) funding product;
(2) extend the state employees' deferred compensation plan to
employees of the political subdivision, subject to the terms and
conditions of the state employees' deferred compensation plan as
it is established from time to time; or
(3) offer both a plan described in subdivision (1) and the plan
described in subdivision (2).
(c) This section does not limit the power or authority of any political
subdivision to establish and administer other plans deemed appropriate
by the governing bodies of such subdivisions, including plans
established under section 1(2) of this chapter.
Formerly: Acts 1975, P.L.42, SEC.1. As amended by Acts 1977,
P.L.51, SEC.4; Acts 1980, P.L.27, SEC.4; P.L.42-1988, SEC.2;
P.L.15-1998, SEC.5; P.L.220-2005, SEC.3; P.L.1-2006,
SEC.93.