§ 5-10.4-7-11 — Employer contribution rate

Indiana § 5-10.4-7-11

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 7: School Corporation Reports and Administration

Text

(a) Annually the board shall certify to each
school corporation and each school corporation shall pay its employer
contribution rate to the fund, computed as specified in IC 5-10.2-2 for
the employer contribution for teachers covered by the 1996 account,
including the school corporation's share of administration expenses for
the 1996 account.
(b) The board shall determine the amount of unfunded accrued
liability of the school corporations. The board shall determine the
unfunded accrued liability by individual employers or by a group of
employers. The school corporations shall pay the amount in a lump
sum or amortize the amount over a period determined by the board.
(c) The payments by school corporations for the amounts described
in subsections (a), (b), and (d) are allocated to the school corporations
and not to the state.
(d) If a school corporation's account shows a deficit, the board may
require the school corporation to make additional payments necessary
to eliminate the deficit in addition to the employer contributions
computed under subsections (a) and (b).
[Pre-2006 Education Finance Recodification Citation:
21-6.1-7-12.]

Legislative History

As added by P.L.2-2006, SEC.28.