Indiana Code
Chapter 12. Public Employees' Defined Contribution Plan
5-10.3-12-25. Member Contributions Belong to Member; Vesting Schedule for 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 employer contribution subaccount in accordance with the following schedule:

Years of participation in the
Vested percentage of

plan
employer contributions


and earnings

1
20%

2
40%

3
60%

4
80%

5
100%
For purposes of vesting in the employer contribution subaccount, only a member's full years of participation in the plan may be counted.
(c) The amount that a member may withdraw from the member's account is limited to the vested portion of the account.
(d) A member who attains normal retirement age is fully vested in all amounts in the member's account.
(e) If a member separates from service with the member's employer before the member is fully vested in the employer contribution subaccount, the amount in the employer contribution subaccount that is not vested is forfeited as of the date the member separates from service.
(f) Amounts forfeited under subsection (e) must be used to reduce the unfunded accrued liability of the fund as determined under IC 5-10.2-2-11(a)(3) and IC 5-10.2-2-11(a)(4).
(g) A member may not earn creditable service (as defined in IC 5-10.2-3-1(a)) under the plan.
As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.32; P.L.241-2015, SEC.35.

Structure Indiana Code

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

5-10.3-12-2. "Account"

5-10.3-12-3. "Annuity Savings Account"

5-10.3-12-4. "Board"

5-10.3-12-5. "Compensation"

5-10.3-12-6. "Dies in the Line of Duty"

5-10.3-12-7. "Effective Date"

5-10.3-12-7.5. "Employees of the State"

5-10.3-12-8. "Employer"

5-10.3-12-9. "Employer Contribution Subaccount"

5-10.3-12-10. "Fund"

5-10.3-12-11. "Internal Revenue Code"

5-10.3-12-12. "Member"

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. "Plan"

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

5-10.3-12-20.5. Election by Employee of Political Subdivision to Become Plan Member; Failure to Make Election

5-10.3-12-21. Plan; Member Accounts; Rollover Accounts

5-10.3-12-22. Alternative Investment Programs; Stable Value Fund Program; Requirements and Rules; Administrative Fees

5-10.3-12-23. Member Required Contributions; Additional Contributions; Crediting; Employer Pick-Up and Payment

5-10.3-12-24. State Employer Contribution; Contribution Rate Determination; Minimum Rate; Amounts Credited; Electronic Submission of Contributions

5-10.3-12-24.5. Political Subdivision Employer Contribution; Contribution Rate Determination; Amounts Credited; Electronic Submission of Contributions

5-10.3-12-24.7. Political Subdivision Contributions; Members of a Volunteer Fire Department

5-10.3-12-25. Member Contributions Belong to Member; Vesting Schedule for Employer Contributions; Forfeiture of Amounts Not Vested

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

5-10.3-12-31. Effect of Reemployment on Plan Participation

5-10.3-12-32. Election by State or Participating Political Subdivision to Allow Plan Participation by Retired Reemployed Fund Members