JurisdictionIndianaTitle 5STATE AND LOCAL ADMINISTRATION
Art. 10.3THE PUBLIC EMPLOYEES' RETIREMENT
Ch. 7Membership; Creditable Service; Contributions;
This text of Indiana § 5-10.3-7-4.8 (State quasi-governmental entity service credit purchase) 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.
8.
(a)As used in this section, "state
quasi-governmental entity service" means service in Indiana that would
be considered creditable service if performed by an employee of a
member of the fund by an individual who:
(1)provided the service as an employee of a body corporate and
politic, nonprofit corporation established by the state, or other
quasi-governmental entity that performed a state governmental
function; and
(2)was not a member of the fund under section 1 of this chapter
during the period of employment.
(b)A member may purchase and claim state quasi-governmental
entity service credit subject to the following:
(1)The member must have at least one (1) year of credited
service in the fund.
(2)The member must have at least ten (10) years of in-state
credited service before the m
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8. (a) As used in this section, "state
quasi-governmental entity service" means service in Indiana that would
be considered creditable service if performed by an employee of a
member of the fund by an individual who:
(1) provided the service as an employee of a body corporate and
politic, nonprofit corporation established by the state, or other
quasi-governmental entity that performed a state governmental
function; and
(2) was not a member of the fund under section 1 of this chapter
during the period of employment.
(b) A member may purchase and claim state quasi-governmental
entity service credit subject to the following:
(1) The member must have at least one (1) year of credited
service in the fund.
(2) The member must have at least ten (10) years of in-state
credited service before the member may claim the service credit.
(3) Before the member retires, the member must make
contributions to the fund:
(A) that are equal to the product of:
(i) the member's salary at the time the member actually makes
a contribution for the service credit;
(ii) a percentage rate, as determined by the actuary of the
fund, based on the age of the member at the time the member
makes a contribution for service credit and computed to result
in a contribution amount that approximates the actuarial
present value of the benefit attributable to the service credit
purchased; and
(iii) the number of years of state quasi-governmental entity
service the member intends to purchase; and
(B) for any accrued interest, at a rate determined by the actuary
of the fund, for the period from the member's initial
membership in the fund to the date payment is made by the
member.
(4) The member must provide verification of the service with the
state quasi-governmental entity in a manner prescribed by the
fund.
(c) State quasi-governmental entity service that qualifies a member
for retirement in a private retirement system or a federal retirement
system may not be granted under this section.
(d) A member who:
(1) terminates employment before satisfying the eligibility
requirements necessary to receive a monthly allowance; or
(2) receives a monthly allowance for the same service from
another tax supported public employee retirement plan other than
under the federal Social Security Act;
may withdraw the personal contributions made under the contributory
plan plus accumulated interest after submitting to the fund a properly
completed application for a refund.
(e) The following apply to the purchase of service credit under this
section:
(1) The board may allow a member to make periodic payments of
the contributions required for the purchase of the service credit.
The board shall determine the length of the period during which
the payments must be made.
(2) The board may deny an application for the purchase of service
credit if the purchase would exceed the limitations under Section
415 of the Internal Revenue Code.
(3) A member may not claim the service credit for purposes of
determining eligibility or computing benefits unless the member
has made all payments required for the purchase of the service
credit.