§ 5-10-8.5-15 — Annual employer contributions; limits for certain participants

Indiana § 5-10-8.5-15

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10: PUBLIC EMPLOYEE BENEFITS
• Ch. 8.5: Retirement Medical Benefits Account

Text

(a) Except as provided in subsections (c),
(d), and (e), a participant's employer shall make contributions annually
to the account on behalf of the participant sufficient to provide the
benefit described in section 17 of this chapter. For a participant
meeting the eligibility rules set forth in section 17 of this chapter, the
amount credited to the participant's subaccount balance shall be the
sum of annual contributions and earnings for each year of service. The
amount of the contribution each fiscal year must equal or exceed the
following, based on the participant's age on the last day of the calendar
year that is in the fiscal year in which the contribution is made:
(b) The INPRS shall determine by rule the date on which the
contributions are credited to participants' subaccounts.
(c) A contribution under this section shall not be made after June
30, 2011, to any of the following participants:
(1) A conservation officer of the department of natural resources.
(2) An employee of the state excise police.
(3) An employee of the state police department, other than the
following:
(A) An employee of the state police department who waived
coverage under a common and unified plan of self-insurance
under IC 5-10-8-6 before July 1, 2011.
(B) An employee of the state police department who makes an
election under IC 5-10-8.5-9.5.
(C) An employee of the state police department who makes an
election under IC 5-10-8.5-9.6.
(d) For individuals who are employed on June 30, 2011, the accrued
annual contributions made in accordance with subsection (a) to an
account described in section 14 of this chapter on behalf of the
individuals for any years the individuals were employed as described
in section 1(b)(1) through 1(b)(3) of this chapter shall be transferred to
the respective plans described in IC 5-10-8-6(a) for those individuals
and shall be used only to reduce the unfunded other post-employment
benefit (OPEB) liability of those plans and not to increase benefits or
reduce premiums.
(e) A contribution under this section shall not be made after June
30, 2017, to a participant who on June 30, 2017:
(1) is eligible for a normal, unreduced retirement benefit from the
public employee retirement fund of which the participant is a
member; and
(2) has completed:
(A) fifteen (15) years of service with the participant's employer;
or
(B) ten (10) years of service as an elected or appointed officer.
(f) Each year, the INPRS shall:
(1) report the assets and liabilities of the retiree health benefit
trust fund; and
(2) based on the assets and liabilities of the retiree health benefit
trust fund, recommend an employer contribution amount to fund
the participants' benefits described in section 17 of this chapter.

Legislative History

As added by P.L.44-2007, SEC.1. Amended by P.L.229-2011, SEC.74; P.L.213-2015, SEC.59; P.L.108-2019, SEC.92; P.L.92-2021, SEC.6.