Indiana § 5-11-20-6 Employee retirement plan delinquency notice; presentation

Indiana Statutes

§ 5-11-20-6 — Employee retirement plan delinquency notice; presentation

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

(a)On or before June 15 of each year, the system shall send a delinquency notice to a delinquent political subdivision. The delinquency notice must inform the delinquent political subdivision that:

(1)an employee retirement plan offered by the delinquent political subdivision:

(A)received less than ninety-five percent (95%) of the actuarially determined contribution for the immediately preceding fiscal year, as determined by the system or its agent; or

(B)was less than fifty percent (50%) funded at any time during the immediately preceding fiscal year, as determined by the system or its agent; and

(2)the delinquent political subdivision must take the steps described in subsection (b).

(b)After receiving the notice described in subsection (a), a political subdivision shall make a pres

Free access — add to your briefcase to read the full text and ask questions with AI

(a) On or before June 15 of each year, the
system shall send a delinquency notice to a delinquent political
subdivision. The delinquency notice must inform the delinquent
political subdivision that:
(1) an employee retirement plan offered by the delinquent
political subdivision:
(A) received less than ninety-five percent (95%) of the
actuarially determined contribution for the immediately
preceding fiscal year, as determined by the system or its agent;
or
(B) was less than fifty percent (50%) funded at any time during
the immediately preceding fiscal year, as determined by the
system or its agent; and
(2) the delinquent political subdivision must take the steps
described in subsection (b).
(b) After receiving the notice described in subsection (a), a political
subdivision shall make a presentation that includes a remediation plan
to the interim study committee on pension management oversight
(established by IC 2-5-1.3-4) regarding the delinquent employee
retirement plan described in subsection (a).

Indiana § 5-11-20-6 (Employee retirement plan delinquency notice; presentation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.