Indiana § 5-10.4-2-4 Required appropriation

Indiana Statutes

§ 5-10.4-2-4 — Required appropriation

Indiana § 5-10.4-2-4

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10.4STATE TEACHERS' RETIREMENT FUND

Ch. 2Fund

This text of Indiana § 5-10.4-2-4 (Required appropriation) 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.

Bluebook

Ind. Code § 5-10.4-2-4 (2026).

Text

(a)The general assembly shall appropriate an amount from the state general fund that is sufficient to cover the state's actuarial liability for each member covered by the pre-1996 account and for each state employee covered by the 1996 account. The board may reduce this liability by the amount of interest earned on the deposits in the fund. This liability is determined by the actuarial investigation required by IC 5-10.2-2-9.

(b)The actuarial investigation and the board shall include in the determination of the liability, contribution rate, and appropriation the amount necessary to fully fund any past and estimated future cost of living increases for members of the pre-1996 account and the 1996 account, amortized over a term determined by the board that does not exceed thirty (30) years.

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(a) The general assembly shall appropriate an
amount from the state general fund that is sufficient to cover the state's
actuarial liability for each member covered by the pre-1996 account
and for each state employee covered by the 1996 account. The board
may reduce this liability by the amount of interest earned on the
deposits in the fund. This liability is determined by the actuarial
investigation required by IC 5-10.2-2-9.
(b) The actuarial investigation and the board shall include in the
determination of the liability, contribution rate, and appropriation the
amount necessary to fully fund any past and estimated future cost of
living increases for members of the pre-1996 account and the 1996
account, amortized over a term determined by the board that does not
exceed thirty (30) years. However, after June 30, 2018, the actuarial
investigation must incorporate the requirements specified in IC 5-10.2-2-9(d), and the board shall segregate from its determination of
contributions and contribution rates any amounts attributable to
estimated future postretirement benefit increases, thirteenth checks, or
other benefit changes or adjustments granted by the general assembly
after June 30, 2018.
(c) The board shall:
(1) prepare its budget based on this investigation and for other
specified expenditures; and
(2) submit the budget to the governor or to another officer or
committee authorized by law to recommend the necessary
appropriation.
(d) Each school corporation shall contribute to the 1996 account as
specified in IC 5-10.4-7.
(e) If members receive compensation from federal funds, the board
shall determine the employer's contribution, excluding administrative
expenses, at the end of each fiscal year, to be paid from federal funds.
The amount shall be determined by a method adopted by the board that
results in an equitable sharing of the employer contribution by the
federal government on account of members receiving compensation
from federal funds.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-2-5.]