Indiana Code 30-2-16-4. “Static balance”
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Sec. 4. As used in this chapter, “static balance” means an amount held by a payroll savings plan administrator for a participant who:
(2) has not terminated the individual’s directions to the participant’s employer or the employer’s payroll savings plan administrator to purchase United States savings bonds for the individual when a sufficient balance accumulates to pay the purchase price.
(1) is not making allotments of payroll deductions to the payroll savings plan administrator; but
Terms Used In Indiana Code 30-2-16-4
- 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
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
As added by P.L.141-2005, SEC.27.