Indiana Code 33-39-7-12. Contributions
(1) A participant described in section 8(a)(1) of this chapter shall make contributions of six percent (6%) of each payment of salary received for services after December 31, 1989.
Terms Used In Indiana Code 33-39-7-12
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- fund: refers to the prosecuting attorneys retirement fund established by this chapter. See Indiana Code 33-39-7-5
- participant: means a person serving in a position described in section 8 of this chapter who is participating in the fund. See Indiana Code 33-39-7-6
- salary: means the salary paid to a participant by the state, determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code. See Indiana Code 33-39-7-7
- services: means the sum of all periods in which a person is employed as:
Indiana Code 33-39-7-8
A participant’s contributions shall be deducted from the participant’s monthly salary by the auditor of state and credited to the fund.
(b) The state may pay the contributions for a participant. The state may elect to pay the contribution for the participant as a pickup under Section 414(h) of the Internal Revenue Code.
(c) After a participant has contributed to the fund as provided in subsection (a) for twenty-two (22) years, the participant is not required to make additional contributions to the fund.
(d) After December 31, 2011, the auditor of state shall submit the contributions paid by or on behalf of a participant under this section by electronic funds transfer in accordance with section 12.5 of this chapter.
[Pre-2004 Recodification Citation: 33-14-9-11.]
As added by P.L.98-2004, SEC.18. Amended by P.L.13-2011, SEC.13; P.L.160-2013, SEC.3.