Indiana Code 2-3.5-4-10. Biennial appropriations
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Sec. 10. (a) For purposes of this chapter, there is appropriated for each biennium the following sums of money:
(2) From the defined benefit fund, the amount required for administration of this chapter.
(1) From the state general fund, the amount required to actuarially fund participants’ retirement benefits under this chapter, as determined by the board on the recommendation of an actuary.
Terms Used In Indiana Code 2-3.5-4-10
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The biennial appropriation provided in this section shall be credited to the defined benefit fund annually in equal installments in the month of July of each year of the biennium.
As added by P.L.6-1989, SEC.1.