Indiana Code 5-10.3-12-20.5. Election by employee of political subdivision to become plan member; failure to make election
(b) An individual described in subsection (a) may elect to become a member of the plan on the date the individual begins the individual’s employment in a covered position with a political subdivision that participates in the plan. The election applies to all service credit that the member accrues in a covered position as an employee of the political subdivision while the political subdivision participates in the plan.
Terms Used In Indiana Code 5-10.3-12-20.5
- board: has the meaning set forth in Indiana Code 5-10.3-12-4
- fund: has the meaning set forth in Indiana Code 5-10.3-12-10
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
- plan: refers to the public employees' defined contribution plan established by section 18 of this chapter. See Indiana Code 5-10.3-12-15
- Political subdivision: as used in this article means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town, or township, which department receives revenue independently of, or in addition to, funds obtained from taxation. See Indiana Code 5-10.3-1-6
(1) must be made in writing;
(2) must be filed with the board on a form prescribed by the board; and
(3) is irrevocable.
(d) Except as provided in section 32(b) of this chapter, an individual described in subsection (a) who does not elect to become a member of the plan becomes a member (as defined in IC 5-10.3-1-5) of the fund for all service credit that the member accrues in a covered position as an employee of the political subdivision while the political subdivision participates in the fund.
As added by P.L.241-2015, SEC.30. Amended by P.L.209-2016, SEC.5.