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 member under section 29 of this chapter.
(4) All earnings on investments or deposits of the plan.
(5) All contributions or payments to the plan made in the manner provided by the general assembly.
(b) The plan shall establish an account for each member. A member's account consists of two (2) subaccounts credited individually as follows:
(1) The member contribution subaccount consists of:
(A) the member's contributions to the plan under section 23 of this chapter; and
(B) the net earnings on the contributions described in clause (A) as determined under section 22 of this chapter.
(2) The employer contribution subaccount consists of:
(A) the employer's contributions made on behalf of the member to the plan under section 24 or 24.5 of this chapter; and
(B) the earnings on the contributions described in clause (A) as determined under section 22 of this chapter.
The board may combine the two (2) subaccounts established under this subsection into a single account, if the board determines that a single account is administratively appropriate and permissible under applicable law.
(c) If a member makes rollover contributions under section 29 of this chapter, the plan shall establish a rollover account as a separate subaccount within the member's account.
As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.30; P.L.35-2012, SEC.84; P.L.241-2015, SEC.31; P.L.209-2016, SEC.6; P.L.27-2019, SEC.7.
Structure Indiana Code
Title 5. State and Local Administration
Article 10.3. The Public Employees' Retirement Fund
Chapter 12. Public Employees' Defined Contribution Plan
5-10.3-12-1. Applicability of Chapter
5-10.3-12-3. "Annuity Savings Account"
5-10.3-12-6. "Dies in the Line of Duty"
5-10.3-12-7.5. "Employees of the State"
5-10.3-12-9. "Employer Contribution Subaccount"
5-10.3-12-11. "Internal Revenue Code"
5-10.3-12-13. "Member Contribution Account"
5-10.3-12-14. "Normal Retirement Age"
5-10.3-12-14.5. "Participating Political Subdivision"
5-10.3-12-15.5. "Volunteer Fire Department"
5-10.3-12-16. "Years of Participation"
5-10.3-12-17. Applicability of Other Laws
5-10.3-12-18. Establishment and Administration of Plan; Internal Revenue Service Approval
5-10.3-12-19. Authorization to Request Internal Revenue Service Rulings or Determination Letters
5-10.3-12-20. Plan Membership; Election; Fund Membership
5-10.3-12-20.3. Election During July 2016, by First Time State Employee Who Is Fund Member
5-10.3-12-21. Plan; Member Accounts; Rollover Accounts
5-10.3-12-24.7. Political Subdivision Contributions; Members of a Volunteer Fire Department
5-10.3-12-26. Member Accounts; Withdrawals; Forms of Payment
5-10.3-12-27. Member Accounts; Beneficiary or Survivor Withdrawals; Forms of Payment
5-10.3-12-28. Plan Exempt From Legal Process; Assignment of Payments
5-10.3-12-29. Rollover Contributions; Rollover Accounts
5-10.3-12-30. Member Accounts; Disability Withdrawals; Forms of Payment