§ 5-10.3-12-18 — Establishment and administration of plan; Internal Revenue Service approval

Indiana § 5-10.3-12-18

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.3: THE PUBLIC EMPLOYEES' RETIREMENT
• Ch. 12: Public Employees' Defined Contribution Plan

Text

(a) The public employees' defined
contribution plan is established for the purpose of providing amounts
funded by an employer and a member for the use of the member or the
member's beneficiaries or survivors after the member's retirement.
(b) The board shall adopt provisions to implement the plan
established under subsection (a) as follows:
(1) The board shall initially offer the plan using the annuity
savings account, subject to obtaining the approval of the Internal
Revenue Service in a manner satisfactory to the board to preserve
the qualified status of the plan and the fund. If, and while, the
plan uses the annuity savings account as provided in this
subdivision, the plan is a component within the fund.
(2) If the approval of the Internal Revenue Service to offer the
plan using the annuity savings account cannot be obtained in a
manner satisfactory to the board, the board shall offer the plan as
a separate fund under Section 401(a) or another applicable section
of the Internal Revenue Code.
(3) If the board initially offers the plan using the annuity savings
account as provided under subdivision (1), the board may at any
time afterwards convert the plan to a separate fund under Section
401(a) or another applicable section of the Internal Revenue
Code. If the board converts the plan to a separate fund as provided
under this subdivision, after the conversion the plan is not a
component within the fund.
(c) The board shall administer the plan.
(d) The board may adopt a plan document that it considers
appropriate or necessary to administer the plan.

Legislative History

As added by P.L.22-2011, SEC.2. Amended by P.L.27-2019, SEC.6.