This text of Indiana § 5-10.3-8-14 (Retirement medical benefits account) 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.
(a)Except as provided in subsection (d),
this section applies to employees of the state who are:
(1)members of the fund; and
(2)paid by the state comptroller by salary warrants.
(b)Except as provided in subsection (d), this section does not apply
to the employees of the state employed by:
(1)a body corporate and politic of the state created by state
statute; or
(2)a state educational institution (as defined in IC 21-7-13-32).
(c)As used in this section, "employees of the state" has the meaning
set forth in IC 5-10.3-7-1.
(d)The chief executive officer of a body or institution described in
subsection (b) may elect to have this section apply to the employees of
the state employed by the body or institution by submitting a written
notice of the election to the director. An election un
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(a) Except as provided in subsection (d),
this section applies to employees of the state who are:
(1) members of the fund; and
(2) paid by the state comptroller by salary warrants.
(b) Except as provided in subsection (d), this section does not apply
to the employees of the state employed by:
(1) a body corporate and politic of the state created by state
statute; or
(2) a state educational institution (as defined in IC 21-7-13-32).
(c) As used in this section, "employees of the state" has the meaning
set forth in IC 5-10.3-7-1.
(d) The chief executive officer of a body or institution described in
subsection (b) may elect to have this section apply to the employees of
the state employed by the body or institution by submitting a written
notice of the election to the director. An election under this subsection
is effective on the later of:
(1) the date the notice of the election is received by the director;
or
(2) July 1, 2013.
(e) The board shall adopt provisions to establish a retirement
medical benefits account within the fund under Section 401(h) or as a
separate fund under another applicable section of the Internal Revenue
Code for the purpose of converting unused excess accrued leave to a
monetary contribution for an employee of the state to fund on a pretax
basis benefits for sickness, accident, hospitalization, and medical
expenses for the employee and the spouse and dependents of the
employee after the employee's retirement. The state may match all or
a portion of an employee's contributions to the retirement medical
benefits account established under this section.
(f) The board is the trustee of the account described in subsection
(e). The account must be qualified, as determined by the Internal
Revenue Service, as a separate account within the fund whose benefits
are subordinate to the retirement benefits provided by the fund.
(g) The board may adopt rules under IC 5-10.5-4-2 that it considers
appropriate or necessary to implement this section after consulting with
the state personnel department. The rules adopted by the board under
this section must:
(1) be consistent with the federal and state law that applies to:
(A) the account described in subsection (e); and
(B) the fund; and
(2) include provisions concerning:
(A) the type and amount of leave that may be converted to a
monetary contribution;
(B) the conversion formula for valuing any leave that is
converted;
(C) the manner of employee selection of leave conversion; and
(D) the vesting schedule for any leave that is converted.
(h) The board may adopt the following:
(1) Account provisions governing:
(A) the investment of amounts in the account; and
(B) the accounting for converted leave.
(2) Any other provisions that are necessary or appropriate for
operation of the account.
(i) The account described in subsection (e) may be implemented
only if the board has received from the Internal Revenue Service any
rulings or determination letters that the board considers necessary or
appropriate.
(j) To the extent allowed by:
(1) the Internal Revenue Code; and
(2) rules adopted by:
(A) the board under this section; and
(B) the state personnel department under IC 5-10-1.1-7.5;
employees of the state may convert unused excess accrued leave to a
monetary contribution under this section and under IC 5-10-1.1-7.5.