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Sec. 4. (a) Monies from the pension relief fund shall be paid annually by the state board under the procedures specified in this section.
(b) Each year, before a date set by the state board, each unit of local government must certify to the state board:
(1) the amount of payments made during the preceding year for benefits under its pension funds covered by this chapter, referred to in this section as “pension payments”;
(2) the data determined necessary by the state board to perform an actuarial valuation of the unit's pension funds covered by this chapter;
(3) the names required to prepare the list specified in subsection (c); and
(4) any other information that is necessary for the state board to make distributions to units under this chapter.
A unit is ineligible to receive a distribution under this section if it does not supply the complete information required by this subsection or a substantial amount of the information required if it is accompanied by an affidavit of the chief executive officer of the unit detailing the steps which have been taken to obtain the information and the reasons the complete information has not been obtained. The reporting requirement of this subsection is in addition to the reporting requirement of IC 5-11-20.
(c) Each year, before a date set by the state board, the state board shall prepare a list of all police officers and firefighters, active, retired, and deceased if their beneficiaries are eligible for benefits, who are members of a police or fire pension fund that was established before May 1, 1977. The list may not include police officers, firefighters, or their beneficiaries for whom no future benefits will be paid. The state board shall then compute the present value of the accrued liability to provide the pension and other benefits to each person on the list.
(d) Each year, before a date set by the state board, the state board shall determine the total pension payments made by all units of local government for the preceding year and shall estimate the total pension payments to be made to all units in the calendar year in which the July 1 occurs and in the following calendar year.
Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-10.3-11-4 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-10-3-11-4/
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