§ 5-10-1.1-7.3 — Matching funds

Indiana § 5-10-1.1-7.3

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

Text

3. (a) Any political subdivision (as defined
in IC 36-1-2-13) that 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 also may elect to participate in the state's defined
contribution plan established by section 1.5 of this chapter for the
purpose of matching all or a specified portion of the political
subdivision's employees' contributions to the deferred compensation
plan.
(b) Participation in the state's defined contribution plan described
in subsection (a) shall be authorized 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.
(c) Contributions by a political subdivision to the state's defined
contribution plan described in subsection (a) for the purpose of
matching all or a specified portion of employee contributions are
limited to the amount of appropriations made each year for that
purpose.
(d) The political subdivision is obligated at any particular time only
for the current market value of the funding previously made to the
state's defined contribution plan described in subsection (a).
(e) This section does not limit the power or authority of any political
subdivision to establish and administer any other plans considered
appropriate by the governing body of the political subdivision,
including plans established under section 1(2) of this chapter.

Legislative History

As added by P.L.184-2001, SEC.4. Amended by P.L.220-2005, SEC.4.