§ 5-10.3-12-23 — Member required contributions; additional contributions; crediting; employer pick-up and payment

(a) This section does not apply to a
member of the plan described in section 1(a)(7) of this chapter with
respect to the member's service with a volunteer fire department.
(b) Each member's contribution to the plan is equal to three percent
(3%) of the member's compensation.
(c) For a member who is an employee of the state, the state shall pay
the member's contribution on behalf of the member each year.
(d) For a member who is an employee of a political subdivision, the
political subdivision may pay all or part of the member's contribution
on behalf of the member.
(e) To the extent permitted by the Internal Revenue Code and
applicable regulations, a member of the plan may make contributions
to the plan in addition to the contribution required under subsection (b).
IC 5-10.2-3-2(c) and IC 5-10.2-3-2(d) govern additional contributions
made under this subsection.
(f) Member contributions will be credited to the member's account
as specified in IC 5-10.2-3.
(g) Although designated as employee contributions, the
contributions made under subsection (c) are picked up and paid by the
state as the employer in lieu of the contributions being paid by the
employee in accordance with Section 414(h)(2) of the Internal Revenue
Code.
(h) Although designated as employee contributions, the
contributions made under subsection (d) by a political subdivision may
be picked up and paid by the employer instead of the contributions
being paid by the employee in accordance with Section 414(h)(2) of the
Internal Revenue Code.
(i) A member may not receive any amounts paid by an employer
under this section directly instead of having the amounts paid to the
plan.

Legislative History

As added by P.L.22-2011, SEC.2. Amended by P.L.5-2014, SEC.1; P.L.241-2015, SEC.32; P.L.96-2020, SEC.5.