Indiana Code 5-10.3-5-7. Actuarial reports; status of reserve account; charges against difference between reserves in account and accrued liability
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Sec. 7. (a) After each fiscal year, the actuary shall report the status of the reserve account for persons receiving benefits from the fund. The report must contain a statement of the reserves in the account and the accrued liability for these persons.
(b) Taking into consideration the actuary’s report, the board shall after June 30, 1985, charge the costs of postretirement benefit increases against any difference between the reserves in the account and the accrued liability. However, the board may withhold from the difference, as a contingency reserve, an amount less than or equal to two percent (2%) of the reserve. If the amount of the difference is insufficient to meet the costs of the postretirement benefit increases, the excess shall be charged against each employer‘s account in the retirement allowance account on a prorata basis.
As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss), P.L.2, SEC.3; P.L.50-1985, SEC.2.
Terms Used In Indiana Code 5-10.3-5-7
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3