§ 5-10.3-12-21 — Plan; member accounts; rollover accounts

Indiana § 5-10.3-12-21

• 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 plan consists of the following:
(1) Each member's contributions to the plan under section 23 of
this chapter.
(2) Contributions made by an employer to the plan on behalf of
each member under section 24 or 24.5 of this chapter.
(3) Rollovers to the plan by a member under section 29 of this
chapter.
(4) All earnings on investments or deposits of the plan.
(5) All contributions or payments to the plan made in the manner
provided by the general assembly.
(b) The plan shall establish an account for each member. A
member's account consists of two (2) subaccounts credited individually
as follows:
(1) The member contribution subaccount consists of:
(A) the member's contributions to the plan under section 23 of
this chapter; and
(B) the net earnings on the contributions described in clause
(A) as determined under section 22 of this chapter.
(2) The employer contribution subaccount consists of:
(A) the employer's contributions made on behalf of the member
to the plan under section 24 or 24.5 of this chapter; and
(B) the earnings on the contributions described in clause (A) as
determined under section 22 of this chapter.
The board may combine the two (2) subaccounts established under this
subsection into a single account, if the board determines that a single
account is administratively appropriate and permissible under
applicable law.
(c) If a member makes rollover contributions under section 29 of
this chapter, the plan shall establish a rollover account as a separate
subaccount within the member's account.

Legislative History

As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.30; P.L.35-2012, SEC.84; P.L.241-2015, SEC.31; P.L.209-2016, SEC.6; P.L.27-2019, SEC.7.