Sec. 6. (a) The state board shall maintain separate accounts for each unit of local government for purposes of this section. The accounts are separate and distinct accounts within the public employees’ retirement fund and the pension relief fund.

     (b) A unit of local government may do the following:

Terms Used In Indiana Code 5-10.3-11-6

  • Board: as used in this article means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.3-1-1
  • Employer: as used in this article means the state for employees of the state and a political subdivision for its employees. See Indiana Code 5-10.3-1-2
  • Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
  • Member: as used in this article means persons qualifying for membership under Indiana Code 5-10.3-1-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) Make deposits at any time to the separate account established for the unit under this section.

(2) Withdraw once each year from the unit’s separate account all or a part of the balance in the account to pay pension benefits under IC 36-8-6, IC 36-8-7, or IC 36-8-7.5.

(3) Direct the state board at any time to pay from the unit’s separate account all or a part of either or both of the following:

(A) The unit’s employer contributions under IC 36-8-8-6.

(B) The contributions paid by the unit for a member under IC 36-8-8-8(a).

As added by P.L.38-2001, SEC.3. Amended by P.L.146-2008, SEC.37; P.L.182-2009(ss), SEC.75.

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