BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM
Resolution No. 2024-02-01
Adopting rules related to the administration of the Fund as described herein.
WHEREAS, the Indiana Public Retirement System exists to provide retirement benefits to its members, their survivors, and beneficiaries;
WHEREAS, the Board of Trustees of the Indiana Public Retirement System, by statute, administers the Fund;
WHEREAS, the Board of Trustees, pursuant to
IC 5-10.5-4-2, may establish and amend rules and regulations for the administration of the Fund without adopting a rule under
IC 4-22-2; and
WHEREAS, the Board of Trustees of the Indiana Public Retirement System wishes to adopt, amend, and/or repeal certain rules contained or to be contained in the Indiana Administrative Code related to the administration of the Fund as described herein;
WHEREAS, the following adoptions and amendments are effective immediately unless otherwise stated;
NOW THEREFORE, BE IT RESOLVED by the Board of Trustees of the Indiana Public Retirement System that:
Sec. 8. (a) The following participating entities with an unfunded liability are required to pay the supplemental contribution as set forth in
IC 5-10.2-2-11(c):
(1) Any A participating entity with fund participation prior to July 1, 2015.
(2) Any A participating entity with participants active in a fund-covered position on July 1, 2015.
(b) The supplemental contribution is paid in addition to any plan contributions owed by the a participating entity.
(c) No A participating entity is not required to pay the supplemental contribution for members enrolled in the plan, if the participating entity never participated in the fund.
(d) Participating entities
who that have completed and paid for a freeze, as described in
IC 5-10.2-2-21, and are no longer offering any positions covered by the fund, are not required to pay the supplemental contribution as set forth in
IC 5-10.2-2-11(c).
(e) Participating entities described in subsection (c) or (d) may, at a later date, allow new employees to elect fund membership.
Such Those participating entities are not required to pay the supplemental contribution
for members who participate in the plan, but are required to contribute the entire rate determined by IC 5-10.2-2-11(b) for members of the fund. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.3-7-8; adopted Sep 11, 2015: 20150923-IR-035150302ONA; adopted Nov 4, 2016: 20161116-IR-035160500ONA; adopted Feb 16, 2024: 20240306-IR-035240087ONA)
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Indiana Public Retirement Systems
Resolution adopted by 9 affirmative, 0 negative votes.
Posted: 03/06/2024 by Legislative Services Agency
DIN: 20240306-IR-035240087ONA
Composed: May 20,2024 8:01:28AM EDT
A
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