Title 5, STATE AND LOCAL ADMINISTRATION

Sec. 14.5. As used in this chapter, "participating political subdivision" means a political subdivision which is participating in the plan as specified in IC 5-10.3-6. As added by P.L.241-2015, SEC.28.

Sec. 15. As used in this chapter, "plan" refers to the public employees' defined contribution plan established by section 18 of this chapter. As added by P.L.22-2011, SEC.2.

Sec. 15.5. As used in this chapter, "volunteer fire department" has the meaning set forth in IC 36-8-12-2. As added by P.L.96-2020, SEC.4.

Sec. 16. As used in this chapter, "years of participation" means periods of participation in the plan in a covered position, plus any additional service for which this chapter provides years of participation credit, except that the term excludes periods of participation in the pl…

Sec. 17. Except as otherwise provided in this chapter or by federal law, and subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the provisions of IC 5-10.3 that apply to the annuity savings account apply to a…

Sec. 18. (a) The public employees' defined contribution plan is established for the purpose of providing amounts funded by an employer and a member for the use of the member or the member's beneficiaries or survivors after the member's retirement. (b) The board shall adopt provis…

Sec. 19. The board may request from the Internal Revenue Service any rulings or determination letters that the board considers necessary or appropriate in order to implement or administer the plan. As added by P.L.22-2011, SEC.2.

Sec. 2. As used in this chapter, "account" means the plan account established for a member under section 21(b) of this chapter. As added by P.L.22-2011, SEC.2.

Sec. 20. (a) This section applies only to an individual who, on or after the effective date of the plan, becomes for the first time a full-time employee of the state in a position that would otherwise be eligible for membership in the fund under IC 5-10.3-7. (b) An individual to …

Sec. 20.3. (a) This section applies to an individual who: (1) is an employee of the state on July 1, 2016; (2) became for the first time, after January 1, 2013, a full-time employee of the state in a position that is eligible for membership in the fund under IC 5-10.3-7; and (3) …

Sec. 20.5. (a) This section applies to an individual described in section 1(a)(3) of this chapter who is otherwise eligible to become a member of the plan. (b) An individual described in subsection (a) may elect to become a member of the plan on the date the individual begins the…

Sec. 21. (a) The plan consists of the following: (1) Each member's contributions to the plan under section 23 of this chapter. (2) Contributions made by an employer to the plan on behalf of each member under section 24 or 24.5 of this chapter. (3) Rollovers to the plan by a membe…

Sec. 22. (a) Subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the board shall establish: (1) a stable value fund as the regular investment program for the plan; and (2) alternative investment programs for t…

contribution plan Sec. 22.5. (a) Not later than July 1, 2027, the board shall offer, as a regular investment program within the plan, a self directed brokerage account that offers at least one (1) cryptocurrency investment option. (b) The board may adopt requirements and rules th…

Sec. 23. (a) This section does not apply to a member of the plan described in section 1(a)(7) of this chapter with respect to the member's service with a volunteer fire department. (b) Each member's contribution to the plan is equal to three percent (3%) of the member's compensat…

Sec. 24. (a) The state shall make employer contributions to the plan based on the rate determined under this section. (b) The state's contribution rate for the plan is equal to the employer's contribution rate for the fund as determined by the board under IC 5-10.2-2-11(b). The a…

Sec. 24.5. (a) This section does not apply to a participating political subdivision's contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual's service with a volunteer fire department. (b) A participating political subdivision …

Sec. 24.7. (a) This section applies to a participating political subdivision's contributions for an individual described in section 1(a)(7) of this chapter with respect to the individual's service with a volunteer fire department. (b) The governing body of a participating politic…

employer contributions; forfeiture of amounts not vested Sec. 25. (a) Member contributions and net earnings on the member contributions in the member contribution subaccount belong to the member at all times and do not belong to any employer. (b) A member is vested in the employe…

Sec. 26. (a) After December 31, 2020, subject to the provisions of the Internal Revenue Code applicable to qualified plan distributions, a member who terminates service in a covered position is entitled to withdraw all or part of the amounts in the member's account to the extent …

Sec. 27. (a) If a member dies: (1) while in service in a position covered by the plan but not in the line of duty; or (2) after terminating service in a position covered by the plan but before withdrawing the member's account; to the extent that the member is vested, the member's…

Sec. 28. (a) All assets in the plan are exempt from levy, sale, garnishment, attachment, or other legal process. (b) A member, beneficiary, or survivor may not assign any payment under this chapter except for the following: (1) Premiums on a life, hospitalization, surgical, or me…

Sec. 29. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations and guidance, the plan may accept, on behalf of any member, a rollover distribution from any of the following: (1) A qualified plan described in Section 401(a) or Section 403(a) of th…

Sec. 3. As used in this chapter, "annuity savings account" means the annuity savings account maintained under IC 5-10.2-2-2(a)(1). As added by P.L.22-2011, SEC.2.

Sec. 30. (a) If a member becomes disabled while in a covered position, subject to any federal law limitations concerning qualified plan distributions and the member furnishing proof of the member's qualification for Social Security disability benefits to the board, to the extent …

Sec. 31. (a) If a member of the plan separates from employment with the member's employer and later begins employment with the same or a different employer in a position covered by the plan: (1) the member resumes the member's participation in the plan; and (2) the member is enti…

Sec. 32. (a) Notwithstanding section 20 and section 31(b) of this chapter, the state may elect to allow an individual who meets the following conditions to begin or resume membership in the plan for a period of reemployment with the state on the later of the date the board receiv…

Sec. 33. (a) This section applies notwithstanding sections 20, 20.3, 20.5, and 31 of this chapter. (b) An employer that participates in the fund may allow a member who is fully vested in the employer contribution subaccount under section 25(b) of this chapter to make an election …

Sec. 4. As used in this chapter, "board" has the meaning set forth in IC 5-10.3-1-1. As added by P.L.22-2011, SEC.2.

Sec. 5. As used in this chapter, "compensation" has the meaning set forth in IC 5-10.2-3-2(a). As added by P.L.22-2011, SEC.2.

Sec. 6. As used in this chapter, "dies in the line of duty" has the meaning set forth in IC 5-10-11-2. As added by P.L.22-2011, SEC.2.

Sec. 7. As used in this chapter, "effective date" means the first day of the month that is six (6) months after the month in which the Internal Revenue Service issues an approval of the plan. As added by P.L.22-2011, SEC.2.

Sec. 7.5. As used in this chapter, "employees of the state" has the meaning set forth in IC 5-10.3-7-1. As added by P.L.241-2015, SEC.25.

Sec. 8. As used in this chapter, "employer" means the state or a participating political subdivision. As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.26.

Sec. 9. As used in this chapter, "employer contribution subaccount" means the subaccount in a member's plan account established under section 21(b)(2) of this chapter. As added by P.L.22-2011, SEC.2.