§ 5-10.3-11-6 — Separate accounts

Indiana § 5-10.3-11-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.3: THE PUBLIC EMPLOYEES' RETIREMENT
• Ch. 11: Pension Relief Fund

Text

(a) The state board shall maintain separate
accounts for each unit of local government for purposes of this section.
The accounts are separate and distinct accounts within the public
employees' retirement fund and the pension relief fund.
(b) A unit of local government may do the following:
(1) Make deposits at any time to the separate account established
for the unit under this section.
(2) Withdraw once each year from the unit's separate account all
or a part of the balance in the account to pay pension benefits
under IC 36-8-6, IC 36-8-7, or IC 36-8-7.5.
(3) Direct the state board at any time to pay from the unit's
separate account all or a part of either or both of the following:
(A) The unit's employer contributions under IC 36-8-8-6.
(B) The contributions paid by the unit for a member under IC 36-8-8-8(a).

Legislative History

As added by P.L.38-2001, SEC.3. Amended by P.L.146-2008, SEC.37; P.L.182-2009(ss), SEC.75.