2013 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 10.2. PUBLIC RETIREMENT AND DISABILITY BENEFITS
CHAPTER 8. VOLUNTARY SUPPLEMENTAL RETIREMENT PLAN
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IC 5-10.2-8
Chapter 8. Voluntary Supplemental Retirement Plan
IC 5-10.2-8-1
"Plan" defined
Sec. 1. As used in this chapter, "plan" refers to a voluntary
supplemental retirement plan established for a political subdivision
under this chapter.
As added by P.L.5-1997, SEC.3.
IC 5-10.2-8-2
Establishment
Sec. 2. The board may elect to establish a voluntary supplemental
retirement plan for political subdivisions. A plan established under
this chapter shall be governed by Section 457 of the Internal Revenue
Code. A plan established under this chapter shall be funded through
employee salary deductions and may additionally have employer
contributions, subject to the limits and provisions under Section 457
of the Internal Revenue Code.
As added by P.L.5-1997, SEC.3. Amended by P.L.35-2012, SEC.48.
IC 5-10.2-8-3
Prohibition against commingling of assets
Sec. 3. The board shall maintain a separate trust for the plan, and
the assets shall not be part of, or commingled with, the assets of the
other funds administered by the board.
As added by P.L.5-1997, SEC.3.
IC 5-10.2-8-4
Supplemental nature of plan; reduction in other retirement or
pension benefits prohibited
Sec. 4. A plan established under this chapter exists and serves in
addition to other retirement, pension, and benefit systems established
by a political subdivision and may not result in a reduction of any
retirement, pension, or other benefit provided by applicable law. Any
compensation deferred under the plan shall continue to be included
as regular compensation for the purpose of computing the retirement
and pension benefits earned by an employee.
As added by P.L.5-1997, SEC.3.
IC 5-10.2-8-5
Day-to-day operation
Sec. 5. A plan established under this chapter shall include
appropriate provisions pertaining to the day-to-day operation of the
plan, including methods to elect income deferrals, changes to
elections, or other provisions that may be appropriate. The
investment options shall be comparable to the alternative programs
established under IC 5-10.2-2-3.
As added by P.L.5-1997, SEC.3.
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