§ 5-10.3-12-24.5 — Political subdivision employer contribution; contribution rate determination; amounts credited; electronic submission of contributions

Indiana § 5-10.3-12-24.5

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

Text

5. (a) This section does not apply to a
participating political subdivision's contributions for an individual
described in section 1(a)(7) of this chapter with respect to the
individual's service with a volunteer fire department.
(b) A participating political subdivision shall make employer
contributions to the plan based on the rate determined under this
section.
(c) A participating political subdivision's contribution rate for the
plan is equal to the sum of:
(1) the contribution rate determined by the participating political
subdivision under IC 5-10.3-6-1(c); and
(2) the sum, for each member employed by the participating
political subdivision, of:
(A) the member's additional contribution to the plan under
section 23(e) of this chapter; multiplied by
(B) the participating political subdivision's matching rate
determined under IC 5-10.3-6-1(d).
(d) For each employee of a participating political subdivision, the
amount credited to the member's account is the part of the employer's
contribution determined under subsection (c) that is attributable to the
member's compensation and the member's additional contributions.
(e) A participating political subdivision shall submit the employer
contributions determined under this section as provided in IC 5-10.2-2-12.5.

Legislative History

As added by P.L.241-2015, SEC.34. Amended by P.L.96-2020, SEC.6.