§ 5-10-8.5-16 — Employer additional contribution; eligibility; computation

Indiana § 5-10-8.5-16

• 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 subsection (f), if
a participant meets all of the following conditions the participant is
entitled to receive an additional contribution credited to the
participant's subaccount and computed as described in subsection (b):
(1) The participant is, on the earlier of the participant's last day of
service with the participant's employer, or July 1, 2017:
(A) eligible for a normal, unreduced retirement benefit from the
public employee retirement fund of which the participant is a
member; or
(B) an elected or appointed officer.
(2) The participant has terminated service:
(A) from the employer; or
(B) as an elected or appointed officer.
(3) By the earlier of the participant's last day of service or July 1,
2017, the participant has completed:
(A) fifteen (15) years of service with the employer; or
(B) ten (10) years of service as an elected or appointed officer.
(4) This subdivision does not apply to an elected or appointed
officer. By the participant's last day of service with the
participant's employer, the participant has applied to receive a
normal, unreduced retirement benefit from the public employee
retirement fund of which the participant is a member.
(b) The amount of the contribution to a participant's subaccount
under this section is the product of:
(1) the participant's years of service (rounded down to the nearest
whole year):
(A) with the participant's employer, determined on the earlier
of:
(i) the participant's last day of service with the participant's
employer; or
(ii) July 1, 2017; or
(B) as an elected or appointed officer, determined on the earlier
of:
(i) the participant's last day of service as an elected or
appointed officer; or
(ii) July 1, 2017; multiplied by
(2) one thousand dollars ($1,000).
(c) For a participant who has service with more than one (1)
employer, the participant's years of service used in the computation
under subsection (b)(1) is the sum of all of the participant's years of
service determined on the earlier of:
(1) the participant's last day of service; or
(2) July 1, 2017.
(d) The participant's employer must credit the additional
contribution made under this section to the participant's subaccount not
later than sixty (60) days after the participant's last day of service.
(e) A participant who meets the requirements to receive an
additional contribution under this section may receive the additional
contribution only once, regardless of the participant's employment after
the payment of the additional contribution.
(f) An additional 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.

Legislative History

As added by P.L.44-2007, SEC.1. Amended by P.L.3-2008, SEC.25; P.L.229-2011, SEC.75; P.L.213-2015, SEC.60.