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

Indiana § 5-11-20-6

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

Text

(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).

Legislative History

As added by P.L.129-2024, SEC.8 and P.L.136-2024, SEC.5.