Title 5, STATE AND LOCAL ADMINISTRATION

Sec. 5. (a) Subject to the limitations prescribed in this chapter, the board for depositories may fix the assessment rate to provide assets in the fund sufficient to equal the reserve for losses of the fund for the insurance of public funds on deposit in depositories. Effective o…

Sec. 6. (a) On or before the fifth day of each month, every depository that had public funds on deposit with it during the preceding month shall: (1) file with the board for depositories a certified report under oath showing for the preceding month the amount of the assessment ba…

Sec. 7. (a) The board for depositories shall manage and operate the insurance fund. All expenses incident to the administration of the fund shall be paid out of the money accumulated in it subject to the direction of the board for depositories. Money in the fund may not be expend…

Sec. 8. (a) The board for depositories, in making the economic development obligation or credit enhancement obligation guarantees authorized under section 7(d)(6) of this chapter, shall comply with the following limitations: (1) A guarantee shall be made only of economic developm…

Sec. 8.6. Notwithstanding the expiration of section 8.5 of this chapter on December 31, 2002, a loan guarantee made by the board for depositories under that section before December 31, 2002, remains a valid and binding obligation of the board for depositories after December 31, 2…

Sec. 9. In addition to the investments authorized in section 7(d) of this chapter, the board may invest, reinvest, and exchange investments of the insurance fund in excess of the cash working balance in instruments of indebtedness of a credit corporation to which the secretary of…

Sec. 1. This chapter applies only to the following governmental bodies: (1) A state institution (as defined in IC 12-7-2.1-318). (2) A penal facility operated by the department of correction. (3) A political subdivision. As added by P.L.49-1997, SEC.1. Amended by P.L.143-2022, SE…

Sec. 2. As used in this chapter, "bureau" refers to the rehabilitation services bureau of the division of disability, aging, and rehabilitative services established by IC 12-12-1-1. As added by P.L.49-1997, SEC.1. Amended by P.L.141-2006, SEC.8; P.L.122-2026, SEC.7.

Sec. 3. As used in this chapter, "rehabilitation center" refers to the rehabilitation center established under IC 12-12-3-1. As added by P.L.49-1997, SEC.1.

Sec. 4. A governmental body shall purchase articles produced by the rehabilitation center under the same conditions as articles produced by the department of correction under IC 5-22-11, unless similar articles are produced by the governmental body. As added by P.L.49-1997, SEC.1…

Sec. 5. The bureau shall publish a catalog for the use of governmental bodies, showing the products and services available through the rehabilitation center. As added by P.L.49-1997, SEC.1.

Sec. 6. (a) Whenever a governmental body needs an article listed in the catalog published under section 5 of this chapter, the governmental body: (1) shall give the bureau a reasonable time to produce or supply the article; and (2) except for an article produced by the department…

Sec. 7. Supplies purchased under this chapter must: (1) meet the specifications and needs of the purchasing governmental body; and (2) be purchased at a fair market price. As added by P.L.49-1997, SEC.1.

Sec. 1. This chapter applies to the supplemental allowance reserve accounts established under the following: (1) IC 2-3.5-3-2(c) (for the legislators' defined benefit plan). (2) IC 5-10-5.5-4(c) (for the state excise police, gaming agent, gaming control officer, and conservation …

Sec. 2. All amounts in a supplemental allowance reserve account of a fund or plan are available to the board to pay a postretirement benefit increase, thirteenth check, or other benefit change or adjustment granted by the general assembly after June 30, 2018, to members of or par…

Sec. 3. (a) For 2019 and each year thereafter, the contribution rate established by the board for each employer shall include a surcharge determined by the board that is paid to the supplemental allowance reserve account of the applicable fund or plan. The board shall determine a…

Sec. 4. (a) In each even-numbered calendar year, beginning in 2018, the board shall present to the interim study committee on pension management oversight (established by IC 2-5-1.3-4) an actuarial report concerning the status of each supplemental allowance reserve account. (b) T…

Sec. 1. (a) Except as otherwise provided in this section, this chapter applies to the following: (1) An individual who: (A) on or after the effective date of the plan, becomes for the first time a full-time employee of the state: (i) in a position that would otherwise be eligible…

Sec. 10. As used in this chapter, "fund" has the meaning set forth in IC 5-10.3-1-3. As added by P.L.22-2011, SEC.2.

Sec. 11. As used in this chapter, "Internal Revenue Code" has the meaning set forth in IC 5-10.2-1-3.5. As added by P.L.22-2011, SEC.2.

Sec. 12. As used in this chapter, "member" means an individual who has elected or is required to participate in the plan. As added by P.L.22-2011, SEC.2. Amended by P.L.241-2015, SEC.27.

Sec. 13. As used in this chapter, "member contribution subaccount" means the subaccount in a member's plan account established under section 21(b)(1) of this chapter. As added by P.L.22-2011, SEC.2.

Sec. 14. As used in this chapter, "normal retirement age" for a member means the member is at least sixty-two (62) years of age with at least five (5) years of participation in the plan. As added by P.L.22-2011, SEC.2. Amended by P.L.66-2013, SEC.1.

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…