Indiana § 5-10.2-2-12 State appropriation

Indiana Statutes

§ 5-10.2-2-12 — State appropriation

Indiana § 5-10.2-2-12

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10.2PUBLIC RETIREMENT AND DISABILITY

Ch. 2The Retirement Funds

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Bluebook

Ind. Code § 5-10.2-2-12 (2026).

Text

(a)The general assembly shall appropriate biennially for each fund covered by this article that satisfies the conditions of section 1.5 of this chapter the sum of the following:

(1)the state's normal contribution for its employees to the public employees' retirement fund, the pre-1996 account, and the 1996 account, as determined in section 11 of this chapter;

(2)at least the anticipated increase in the state's unfunded accrued liability in each fund, other than the pre-1996 account, as estimated by the board under the procedures specified in section 11 of this chapter; and

(3)the state's obligation as estimated by the board for disability benefits and benefits payable under retirement fund laws in effect before April 1, 1955. The request for this sum for each fund shall be submitted to

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(a) The general assembly shall appropriate
biennially for each fund covered by this article that satisfies the
conditions of section 1.5 of this chapter the sum of the following:
(1) the state's normal contribution for its employees to the public
employees' retirement fund, the pre-1996 account, and the 1996
account, as determined in section 11 of this chapter;
(2) at least the anticipated increase in the state's unfunded accrued
liability in each fund, other than the pre-1996 account, as
estimated by the board under the procedures specified in section
11 of this chapter; and
(3) the state's obligation as estimated by the board for disability
benefits and benefits payable under retirement fund laws in effect
before April 1, 1955.
The request for this sum for each fund shall be submitted to the budget
agency as one (1) item for each fund. The board shall submit to the
agency its actuarial investigation and valuation and any other actuarial
information to support the request.
(b) The biennial appropriation specified in subsection (a) of this
section shall be paid annually to each fund covered by this article that
satisfies the conditions of section 1.5 of this chapter in equal
installments in July of each year of the biennium.
(c) The biennial appropriation under this section shall be deposited
in the trust of each fund and used only as provided in section 1.5 of this
chapter.
As added by Acts 1977, P.L.53, SEC.2. Amended by
P.L.54-1993, SEC.11; P.L.119-2000, SEC.3; P.L.35-2012,
SEC.37.