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Indiana Code Title 5. State and Local Administration § 5-11-20-1.5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 1.5. (a) As used in this chapter, “delinquent political subdivision” means a political subdivision offering an employee retirement plan described in section 3(b) of this chapter that:

(1) received less than the actuarially determined contribution for at least three (3) out of the last five (5) immediately preceding fiscal years, as determined by the system or its agent;  or

(2) was less than fifty percent (50%) funded at any time during the immediately preceding fiscal year, as determined by the system or its agent.

(b) As used in this chapter, “delinquent political subdivision” does not include a political subdivision offering an employee retirement plan described in section 3(b) of this chapter that:

(1) satisfies subsection (a)(1) or (a)(2) but is subject to an existing court order requiring the political subdivision to fund the plan benefits;  or

(2) satisfies subsection (a)(1) or (a)(2) but was established some time during the last five (5) immediately preceding fiscal years.

(c) A police benefit fund qualifies as a delinquent political subdivision if it satisfies subsection (a)(1).  A police benefit fund does not qualify as a delinquent political subdivision if it satisfies subsection (a)(2) but does not satisfy subsection (a)(1).

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-11-20-1.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-11-20-1-5/

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