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 compensation.
(c) For a member who is an employee of the state, the state shall pay the member's contribution on behalf of the member each year.
(d) For a member who is an employee of a political subdivision, the political subdivision may pay all or part of the member's contribution on behalf of the member.
(e) To the extent permitted by the Internal Revenue Code and applicable regulations, a member of the plan may make contributions to the plan in addition to the contribution required under subsection (b). IC 5-10.2-3-2(c) and IC 5-10.2-3-2(d) govern additional contributions made under this subsection.
(f) Member contributions will be credited to the member's account as specified in IC 5-10.2-3.
(g) Although designated as employee contributions, the contributions made under subsection (c) are picked up and paid by the state as the employer in lieu of the contributions being paid by the employee in accordance with Section 414(h)(2) of the Internal Revenue Code.
(h) Although designated as employee contributions, the contributions made under subsection (d) by a political subdivision may be picked up and paid by the employer instead of the contributions being paid by the employee in accordance with Section 414(h)(2) of the Internal Revenue Code.
(i) A member may not receive any amounts paid by an employer under this section directly instead of having the amounts paid to the plan.
As added by P.L.22-2011, SEC.2. Amended by P.L.5-2014, SEC.1; P.L.241-2015, SEC.32; P.L.96-2020, SEC.5.
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