§ 5-10.4-8-2 — Definitions

Indiana § 5-10.4-8-2

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

Text

The following definitions apply throughout
this chapter:
(1) "Account" means the plan account established for a member
under section 7(b) of this chapter.
(2) "Annuity savings account" means the annuity savings account
of the 1996 account maintained under IC 5-10.2-2-2(b)(2) and IC 5-10.2-2-2(c)(1).
(3) "Compensation" has the meaning set forth in IC 5-10.2-3-2(a).
(4) "Effective date" means the first day of the month that is six (6)
months after the month in which the board adopts provisions to
implement the plan under section 4(b) of this chapter.
(5) "Employer" means a school corporation.
(6) "Employer contribution subaccount" means the subaccount in
a member's plan account established under section 7(b)(2) of this
chapter.
(7) "Fund" refers to the Indiana state teachers' retirement fund
established by IC 5-10.4-2-1.
(8) "Internal Revenue Code" has the meaning set forth in IC 5-10.2-1-3.5.
(9) "Member" means an individual described in section 1(a) of
this chapter who is not otherwise excluded from membership in
the plan.
(10) "Member contribution subaccount" means the subaccount in
a member's plan account established under section 7(b)(1) of this
chapter.
(11) "Normal retirement age" for a member means the member is
at least sixty-two (62) years of age with at least five (5) years of
participation in the plan.
(12) "Plan" refers to the teachers' defined contribution plan
established by section 4 of this chapter.
(13) "Years of participation" means all periods of participation in
the plan in a covered position, plus any additional service for
which this chapter provides years of participation credit.

Legislative History

As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.12.