This text of Indiana § 5-10.3-6-8.2 (Freeze in participation by political subdivision) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
2.
(a)The following definitions apply
throughout this section:
(1)"Freeze" or "freeze participation in the fund" means to take an
action described under subsection (b)(1), (b)(2), or (b)(3).
(2)"Freezing political subdivision" means a political subdivision
that freezes its participation in the fund.
(b)Subject to the provisions of this section, a political subdivision
that did not take an action described in this subsection before the
effective date of this section may adopt an ordinance or resolution,
which may not be effective before January 2, 2016, to do the following:
(1)Determine a date (which may not be before January 2, 2016):
(A)before which newly hired employees of a departmental,
occupational, or other definable classification of employees are
eligible to participate in th
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2. (a) The following definitions apply
throughout this section:
(1) "Freeze" or "freeze participation in the fund" means to take an
action described under subsection (b)(1), (b)(2), or (b)(3).
(2) "Freezing political subdivision" means a political subdivision
that freezes its participation in the fund.
(b) Subject to the provisions of this section, a political subdivision
that did not take an action described in this subsection before the
effective date of this section may adopt an ordinance or resolution,
which may not be effective before January 2, 2016, to do the following:
(1) Determine a date (which may not be before January 2, 2016):
(A) before which newly hired employees of a departmental,
occupational, or other definable classification of employees are
eligible to participate in the fund; and
(B) on or after which newly hired employees of the
departmental, occupational, or other definable classification of
employees are not eligible to participate in the fund.
(2) Determine a date (which may not be before January 2, 2016):
(A) before which newly hired employees of a departmental,
occupational, or other definable classification of employees are
required to participate in the fund; and
(B) on or after which newly hired employees of the
departmental, occupational, or other definable classification of
employees are allowed to choose whether to participate in a
retirement benefit system other than the fund.
(3) Modify the political subdivision's employee classification
scheme as of a specified date (which may not be before January
2, 2016) in such a way that there is at least one (1) position that:
(A) is covered by the fund before the specified date; and
(B) is not covered by the fund on or after the specified date.
(c) A political subdivision that freezes its participation in the fund
after December 31, 2010, shall do the following:
(1) Provide written notice of the following to the board:
(A) The action that was taken under subsection (b) by the
freezing political subdivision.
(B) The effective date of the action taken under subsection (b).
(C) The employee classifications that:
(i) are covered by the fund before the effective date of the
freeze; and
(ii) will not be covered by the fund on or after the effective
date of the freeze.
(D) The names of the freezing political subdivision's current
employees and former employees as of the date on which the
notice is provided.
(2) Comply with subsections (d) through (f).
(d) With respect to retired members who have creditable service
with the freezing political subdivision, the freezing political
subdivision shall contribute to the fund any additional amounts that the
board determines are necessary to provide for reserves with sufficient
assets to pay all future benefits from the fund to those retired members
attributable to service with the freezing political subdivision. The board
shall collaborate with the freezing political subdivision by sharing the
actuarial method and report. The contribution by the freezing political
subdivision must be made in a lump sum or in a series of payments
over a term that does not exceed thirty (30) years, as determined by the
freezing political subdivision.
(e) With respect to members of the fund who have creditable service
with the freezing political subdivision and who are not employees as of
the effective date on which the political subdivision freezes its
participation in the fund, the freezing political subdivision shall
contribute the amount that the board determines is necessary to fund
fully the service for those members that is attributable to service with
the freezing political subdivision. The board shall collaborate with the
freezing political subdivision by sharing the actuarial method and
report. The contribution by the freezing political subdivision must be
made in a lump sum or in a series of payments over a term that does not
exceed thirty (30) years, as determined by the freezing political
subdivision.
(f) With respect to members of the fund who are employees of the
freezing political subdivision as of the date of the notice under
subsection (c), the freezing political subdivision shall continue to
contribute the amounts required under IC 5-10.2-2-11 for those
employees for the duration of their employment with the freezing
political subdivision. In addition, the freezing political subdivision
shall contribute to the fund the amount the board determines is
necessary to fund fully the benefits attributable to service with the
freezing political subdivision that are vested or will become vested and
are not anticipated to be fully funded through the continuing
contributions under IC 5-10.2-2-11 during the duration of the members'
employment with the freezing political subdivision. The board shall
collaborate with the freezing political subdivision by sharing the
actuarial method and report. The contribution by the freezing
participating entity must be made in a lump sum or in a series of
payments over a term that does not exceed thirty (30) years, as
determined by the freezing political subdivision.
(g) The Indiana public retirement system may do any of the
following to determine a political subdivision's compliance with this
section:
(1) Require reports from the political subdivision.
(2) Audit the political subdivision.