Indiana Code 5-10-8.5-14. Account; subaccounts; administrative costs
(1) Contributions made by a participant‘s employer to the account under section 15 or 16 of this chapter.
Terms Used In Indiana Code 5-10-8.5-14
- account: refers to the retirement medical benefits account established by section 11 of this chapter. See Indiana Code 5-10-8.5-2
- employer: means the following:
Indiana Code 5-10-8.5-5
- participant: means an individual for whom a subaccount is established under section 14 of this chapter. See Indiana Code 5-10-8.5-8
- subaccount: means a participant's allocable share of the account. See Indiana Code 5-10-8.5-10
(3) All contributions or payments to the account made in a manner provided by the general assembly.
(b) The administrative costs of the account shall be paid from the earnings of the account before the earnings are credited to participants’ subaccounts.
(c) The INPRS shall establish a subaccount for each participant. Each participant’s subaccount may be credited with:
(1) the contributions made to the account on behalf of the participant under this chapter; and
(2) after the costs described in subsection (b) are paid, the earnings attributable to the balance of the subaccount offset by the administrative costs not covered by subsection (b).
As added by P.L.44-2007, SEC.1. Amended by P.L.108-2019, SEC.91.