§ 5-10.4-4-6 — Substitute teaching service

Indiana § 5-10.4-4-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 4: Fund Membership; Employee Contributions; Creditable

Text

(a) As used in this section, "substitute teaching
service" means service in Indiana as a substitute teacher that is not
covered under section 1(c) of this chapter but is served by a person who
has other service that is covered under section 1(a) of this chapter.
(b) A member may purchase and claim substitute teaching service
if:
(1) the member has at least one (1) year of creditable service in
the fund;
(2) before the member retires, the member makes 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 substitute teaching 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; and
(3) the fund receives verification from the school corporation that
the substitute teaching service occurred.
(c) Service for years of substitute teaching that qualify a member for
retirement in an out-of-state system or in 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.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-4-4.7.]

Legislative History

As added by P.L.2-2006, SEC.28. Amended by P.L.8-2015, SEC.9.