§ 5-11-20-1.5 — "Delinquent political subdivision"

Indiana § 5-11-20-1.5

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 11: ACCOUNTING FOR PUBLIC FUNDS
• Ch. 20: Retirement Plan Reporting

Text

5. (a) As used in this chapter, "delinquent
political subdivision" means a political subdivision offering an
employee retirement plan described in section 3(b) of this chapter that:
(1) received less than the actuarially determined contribution for
at least three (3) out of the last five (5) immediately preceding
fiscal years, as determined by the system or its agent; or
(2) was less than fifty percent (50%) funded at any time during
the immediately preceding fiscal year, as determined by the
system or its agent.
(b) As used in this chapter, "delinquent political subdivision" does
not include a political subdivision offering an employee retirement plan
described in section 3(b) of this chapter that:
(1) satisfies subsection (a)(1) or (a)(2) but is subject to an existing
court order requiring the political subdivision to fund the plan
benefits; or
(2) satisfies subsection (a)(1) or (a)(2) but was established some
time during the last five (5) immediately preceding fiscal years.
(c) A police benefit fund qualifies as a delinquent political
subdivision if it satisfies subsection (a)(1). A police benefit fund does
not qualify as a delinquent political subdivision if it satisfies subsection
(a)(2) but does not satisfy subsection (a)(1).

Legislative History

As added by P.L.129-2024, SEC.6 and P.L.136-2024, SEC.3.