Indiana Code 5-10-8.5-16. Employer additional contribution; eligibility; computation
(1) The participant is, on the earlier of the participant’s last day of service with the participant’s employer, or July 1, 2017:
Terms Used In Indiana Code 5-10-8.5-16
- department: refers to the state personnel department established under Indiana Code 5-10-8.5-4
- employer: means the following:
Indiana Code 5-10-8.5-5
- fund: refers to the public employees' retirement fund established under Indiana Code 5-10-8.5-6
- 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
(B) an elected or appointed officer.
(2) The participant has terminated service:
(A) from the employer; or
(B) as an elected or appointed officer.
(3) By the earlier of the participant’s last day of service or July 1, 2017, the participant has completed:
(A) fifteen (15) years of service with the employer; or
(B) ten (10) years of service as an elected or appointed officer.
(4) This subdivision does not apply to an elected or appointed officer. By the participant’s last day of service with the participant’s employer, the participant has applied to receive a normal, unreduced retirement benefit from the public employee retirement fund of which the participant is a member.
(b) The amount of the contribution to a participant’s subaccount under this section is the product of:
(1) the participant’s years of service (rounded down to the nearest whole year):
(A) with the participant’s employer, determined on the earlier of:
(i) the participant’s last day of service with the participant’s employer; or
(ii) July 1, 2017; or
(B) as an elected or appointed officer, determined on the earlier of:
(i) the participant’s last day of service as an elected or appointed officer; or
(ii) July 1, 2017; multiplied by
(2) one thousand dollars ($1,000).
(c) For a participant who has service with more than one (1) employer, the participant’s years of service used in the computation under subsection (b)(1) is the sum of all of the participant’s years of service determined on the earlier of:
(1) the participant’s last day of service; or
(2) July 1, 2017.
(d) The participant’s employer must credit the additional contribution made under this section to the participant’s subaccount not later than sixty (60) days after the participant’s last day of service.
(e) A participant who meets the requirements to receive an additional contribution under this section may receive the additional contribution only once, regardless of the participant’s employment after the payment of the additional contribution.
(f) An additional contribution under this section shall not be made after June 30, 2011, to any of the following participants:
(1) A conservation officer of the department of natural resources.
(2) An employee of the state excise police.
(3) An employee of the state police department, other than the following:
(A) An employee of the state police department who waived coverage under a common and unified plan of self-insurance under IC 5-10-8-6 before July 1, 2011.
(B) An employee of the state police department who makes an election under IC 5-10-8.5-9.5.
(C) An employee of the state police department who makes an election under IC 5-10-8.5-9.6.
As added by P.L.44-2007, SEC.1. Amended by P.L.3-2008, SEC.25; P.L.229-2011, SEC.75; P.L.213-2015, SEC.60.