Indiana Code 5-10-8-8.5. Establishment of retiree health benefit trust fund
(b) The trust fund shall be administered by the INPRS. The expenses of administering the trust fund shall be paid from money in the trust fund. The trust fund consists of cigarette tax revenues deposited in the fund under IC 6-7-1-28.1(6) and other appropriations, revenues, or transfers to the trust fund under IC 4-12-1.
Terms Used In Indiana Code 5-10-8-8.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
(d) The trust fund is considered a trust fund for purposes of IC 4-9.1-1-7. Money may not be transferred, assigned, or otherwise removed from the trust fund by the state board of finance, the budget agency, or any other state agency.
(e) The trust fund shall be established and administered in a manner that complies with Internal Revenue Code requirements concerning health reimbursement arrangement (HRA) trusts. Contributions by the state to the trust fund are irrevocable. All assets held in the trust fund must be held for the exclusive benefit of participants of the retiree health benefit plan developed under IC 5-10-8.5 and their beneficiaries. All assets in the trust fund:
(1) are dedicated exclusively to providing benefits to participants of the plan and their beneficiaries according to the terms of the plan; and
(2) are exempt from levy, sale, garnishment, attachment, or other legal process.
(f) Money in the trust fund does not revert to the state general fund at the end of any state fiscal year.
(g) The money in the trust fund is appropriated to the INPRS for providing the retiree health benefit plan developed under IC 5-10-8.5.
(h) The budget agency may transfer appropriations from federal or dedicated funds to the retiree health benefit trust fund.
As added by P.L.182-2009(ss), SEC.68. Amended by P.L.108-2019, SEC.85; P.L.92-2021, SEC.4; P.L.201-2023, SEC.78.