§ 5-10.4-8-10 — Contribution rates

Indiana § 5-10.4-8-10

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 8: Teachers' Defined Contribution Plan

Text

(a) An employer shall make employer
contributions to the plan based on the rate determined under this
section.
(b) The employer's contribution rate for the plan must be equal to
the employer's contribution rate for the fund as determined by the board
under IC 5-10.2-2-11(b). The amount credited from the employer's
contribution rate to the member's account shall be the normal cost of
the fund. Any amount not credited to the member's account must be
applied to the unfunded accrued liability of the fund as determined
under IC 5-10.2-2-11(c).
(c) Notwithstanding subsection (b), an employer's minimum
contribution under this section is equal to three percent (3%) of the
compensation of all members of the plan.
(d) An employer shall submit the employer contributions
determined under this section as provided in IC 5-10.2-2-12.5.

Legislative History

As added by P.L.217-2017, SEC.58.