§ 5-10.4-8-9 — Member contribution; employer obligation to make required member contribution; additional member contribution

Indiana § 5-10.4-8-9

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

Text

(a) Each member's contribution to the plan is
equal to three percent (3%) of the member's compensation.
(b) An employer shall pay a member's contribution on behalf of the
member.
(c) To the extent permitted by the Internal Revenue Code and
applicable regulations, a member of the plan may make contributions
to the plan in addition to the contribution required under subsection (a).
IC 5-10.2-3-2(c) and IC 5-10.2-3-2(d) govern additional contributions
made under this subsection.
(d) Member contributions must be credited to the member's account
as specified in IC 5-10.2-3.
(e) Although designated as employee contributions, the
contributions made under subsection (b) by an employer must be
picked up and paid by the employer instead of the contributions being
paid by the employee in accordance with Section 414(h)(2) of the
Internal Revenue Code.
(f) A member may not receive any amounts paid by an employer
under this section directly instead of having the amounts paid to the
plan.

Legislative History

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