Indiana Code 30-2-16-5. Static balance administration services; reimbursement of administrator
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Terms Used In Indiana Code 30-2-16-5
- participant: means an individual who has accumulated a balance of funds with a payroll savings plan administrator through a payroll savings plan. See Indiana Code 30-2-16-1
- payroll savings plan: means a method provided by an employer to the employer's employees for the voluntary purchase of United States savings bonds on a regular schedule through the designation of an amount to be deducted each pay period until a sufficient amount accumulates to pay the purchase price of at least one (1) United States savings bond. See Indiana Code 30-2-16-2
- payroll savings plan administrator: means an organization that:
Indiana Code 30-2-16-3
- static balance: means an amount held by a payroll savings plan administrator for a participant who:
Indiana Code 30-2-16-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 5. Subject to this chapter, a payroll savings plan administrator is entitled to reimbursement from a static balance for reasonable expenses incurred in the performance of static balance administration services beginning with the year after the participant ceases to make allotments of payroll deductions to the payroll savings plan administrator.
As added by P.L.141-2005, SEC.27.