Terms Used In Indiana Code > Title 5 > Article 10.3 - The Public Employees' Retirement Fund

• account: means the plan account established for a member under section 21(b) of this chapter. See Indiana Code 5-10.3-12-2
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• annuity savings account: means the annuity savings account maintained under Indiana Code 5-10.3-12-3
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• board: has the meaning set forth in Indiana Code 5-10.3-12-4
• 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
• compensation: has the meaning set forth in Indiana Code 5-10.3-12-5
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Dependent: A person dependent for support upon another.
• dies in the line of duty: has the meaning set forth in IC 5-10-11-2. See Indiana Code 5-10.3-12-6
• director: refers to the director of the Indiana public retirement system established by Indiana Code 5-10.3-1-2.5
• effective date: means the first day of the month that is six (6) months after the month in which the Internal Revenue Service issues an approval of the plan. See Indiana Code 5-10.3-12-7
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• employees of the state: has the meaning set forth in Indiana Code 5-10.3-12-7.5
• employer: means the state or a participating political subdivision. See Indiana Code 5-10.3-12-8
• 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
• employer contribution subaccount: means the subaccount in a member's plan account established under section 21(b)(2) of this chapter. See Indiana Code 5-10.3-12-9
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiduciary: A trustee, executor, or administrator.
• fund: has the meaning set forth in Indiana Code 5-10.3-12-10
• Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
• 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
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Internal Revenue Code: has the meaning set forth in Indiana Code 5-10.3-12-11
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• member: means an individual who has elected or is required to participate in the plan. See Indiana Code 5-10.3-12-12
• Member: as used in this article means persons qualifying for membership under Indiana Code 5-10.3-1-5
• member contribution subaccount: means the subaccount in a member's plan account established under section 21(b)(1) of this chapter. See Indiana Code 5-10.3-12-13
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• participating political subdivision: means a political subdivision which is participating in the plan as specified in Indiana Code 5-10.3-12-14.5
• plan: refers to the public employees' defined contribution plan under Indiana Code 5-10.3-6-0.5
• 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
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• volunteer fire department: has the meaning set forth in IC 36-8-12-2. See Indiana Code 5-10.3-12-15.5
• years of participation: means periods of participation in the plan in a covered position, plus any additional service for which this chapter provides years of participation credit, except that the term excludes periods of participation in the plan in a covered position for service described in section 1(a)(7) of this chapter. See Indiana Code 5-10.3-12-16