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Indiana Code Title 5. State and Local Administration § 5-11-20-6

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

Sec. 6. (a) On or before June 15 of each year, the system shall send a delinquency notice to a delinquent political subdivision.  The delinquency notice must inform the delinquent political subdivision that:

(1) an employee retirement plan offered by the delinquent political subdivision:

(A) received less than ninety-five percent (95%) of the actuarially determined contribution for the immediately preceding fiscal year, as determined by the system or its agent;  or

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

(2) the delinquent political subdivision must take the steps described in subsection (b).

(b) After receiving the notice described in subsection (a), a political subdivision shall make a presentation that includes a remediation plan to the interim study committee on pension management oversight (established by IC 2-5-1.3-4) regarding the delinquent employee retirement plan described in subsection (a).

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-11-20-6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-11-20-6/

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