Indiana § 8-1.5-3-7 Retirement account

Indiana Statutes

§ 8-1.5-3-7 — Retirement account

Indiana § 8-1.5-3-7

Art. 1.5MUNICIPAL UTILITIES

Ch. 3Operation of Municipally Owned Utilities Generally

This text of Indiana § 8-1.5-3-7 (Retirement account) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 8-1.5-3-7 (2026).

Text

The board may set up a retirement account for
the benefit of the employees and past employees of each utility. The
board may provide for the method, manner, and amount of
contributions by the utility out of its earnings, reserves, or earned
surplus, and by employees if required by the plan, and may create an
account for the utilities and allocate to the account contributions
sufficient to establish the plan on a sound actuarial basis, including
contributions for past services of employees. However, the plan may
not require contributions from an employee to exceed six percent (6%)
of his wage or salary.
As added by Acts 1982, P.L.74, SEC.1.

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The board may set up a retirement account for
the benefit of the employees and past employees of each utility. The
board may provide for the method, manner, and amount of
contributions by the utility out of its earnings, reserves, or earned
surplus, and by employees if required by the plan, and may create an
account for the utilities and allocate to the account contributions
sufficient to establish the plan on a sound actuarial basis, including
contributions for past services of employees. However, the plan may
not require contributions from an employee to exceed six percent (6%)
of his wage or salary.
As added by Acts 1982, P.L.74, SEC.1.