(1) “fund” means the public employees’ retirement fund; and

     (b) Subject to the provisions of this section, a miscellaneous participating entity may do the following:

(1) Stop its participation in the fund and withdraw all of the miscellaneous participating entity’s employees from participation in the fund.

(2) Withdraw a departmental, an occupational, or other definable classification of employees from participation in the fund.

(3) Stop the miscellaneous participating entity’s participation in the fund by:

(A) selling all of the miscellaneous participating entity’s assets; or

(B) ceasing to exist.

     (c) The withdrawal of a miscellaneous participating entity’s participation in the fund is effective on a termination date established by the board. The termination date may not occur before all the following have occurred:

(1) The withdrawing participating entity has provided written notice of the following to the board:

(A) The withdrawing participating entity’s intent to cease participation.

(B) The names of the withdrawing participating entity’s current employees and former employees as of the date on which the notice is provided.

(2) The expiration of:

(A) a ninety (90) day period following the filing of the notice with the board, for a withdrawing participating entity that sells all of the withdrawing participating entity’s assets or that ceases to exist; or

(B) a two (2) year period following the filing of the notice with the board, for all other withdrawing participating entities.

(3) The withdrawing participating entity takes all actions required in subsections (d) through (g).

     (d) With respect to retired members who have creditable service with the withdrawing participating entity, the withdrawing participating entity must contribute to the fund any additional amounts that the board determines are necessary to provide for reserves with sufficient assets to pay all future benefits from the fund to those retired members attributable to service with the withdrawing participating entity. The contribution by the withdrawing participating entity must be made in a lump sum or in a series of payments over a term that does not exceed thirty (30) years.

     (e) A member who is an employee of the miscellaneous participating entity as of the date of the notice under subsection (c) is vested in the pension portion of the member’s retirement benefit. The withdrawing participating entity must contribute to the fund the amount the board determines is necessary to fund fully the vested benefit attributable to service with the withdrawing participating entity. The contribution by the withdrawing participating entity must be made in a lump sum or in a series of payments over a term that does not exceed thirty (30) years.

     (f) A member who is covered by subsection (e) and who is at least sixty-five (65) years of age may elect to retire under IC 5-10.2-4-1 even if the member has fewer than ten (10) years of service. The benefit for the member shall be computed under IC 5-10.2-4-4 using the member’s actual years of service.

     (g) With respect to members of the fund who have creditable service with the withdrawing participating entity and who are not employees as of the date of the notice under subsection (c), the withdrawing participating entity must contribute the amount that the board determines is necessary to fund fully the service for those members that is attributable to service with the withdrawing participating entity. The contribution by the withdrawing participating entity must be made in a lump sum or in a series of payments over a term that does not exceed thirty (30) years.

As added by P.L.241-2015, SEC.5.