2014 Indiana Code TITLE 21. HIGHER EDUCATION ARTICLE 38. STATE EDUCATIONAL INSTITUTIONS: PERSONNEL; COMPENSATION; BENEFITS CHAPTER 7. TRANSFER OF MEMBERSHIP FROM INDIANA STATE TEACHERS' RETIREMENT FUND; STATE APPROPRIATION
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IC 21-38-7
Chapter 7. Transfer of Membership From Indiana State
Teachers' Retirement Fund; State Appropriation
IC 21-38-7-1
Applicability of chapter
Sec. 1. This chapter applies to a state educational institution that
had at least one (1) employee who was a fund member on July 1,
1980.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-2
Interpretation
Sec. 2. This chapter does not limit the authority given to a state
educational institution under any other law.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-3
Powers of state educational institutions
Sec. 3. A state educational institution may establish a retirement
benefit system for the employees of the state educational institution.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-4
Restricted participation in retirement benefit system
Sec. 4. An employee may not be both an active:
(1) fund member; and
(2) retirement benefit system participant;
at the same time.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-5
Participation in retirement benefit system
Sec. 5. If a state educational institution establishes a retirement
benefit system that includes as participants employees who otherwise
qualify as fund members, the state educational institution must allow
an employee who otherwise qualifies as a fund member to elect
whether to participate in the retirement benefit system.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-6
Employee election to participate in retirement benefit system
Sec. 6. An employee's election under section 5 of this chapter
must be in writing and is not effective until filed with the state
educational institution.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-7
Noncontributing fund members; date participation is effective
Sec. 7. If an employee is not a contributing fund member at the
time the employee is initially hired by a state educational institution
that has established a retirement benefit system, the employee may
file an election under section 5 of this chapter to participate in the
employer's retirement benefit system not later than sixty (60)
calendar days after the employee's initial employment date. The
election is effective as if it had been made on the employee's initial
employment date.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-8
Contributing fund members; date participation is effective
Sec. 8. If an employee is a contributing fund member at the time
the employee elects under section 5 of this chapter to participate in
a retirement benefit system:
(1) the employee's rights in the fund on the date the employee's
election is effective are the same as if the employee had
terminated employment on that date; and
(2) the employee's election and suspension of membership in
the fund are effective on July 1 immediately following the date
the employee files the election with the state educational
institution.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-9
Prohibition on rejoining fund
Sec. 9. After an employee's election under section 5 of this
chapter becomes effective, the employee is not entitled to rejoin the
fund while the employee remains employed by the state educational
institution.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-10
Service credit
Sec. 10. The service of an employee who is participating in a
retirement benefit system may not be used to earn service credit,
years of service, or for any other purpose by the fund.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-11
State educational institutions; duties
Sec. 11. The state educational institution shall inform the board
of trustees of the fund of:
(1) the employee's election to participate in the retirement
benefit system established by the state educational institution;
and
(2) the effective date of the employee's election.
As added by P.L.2-2007, SEC.279.
IC 21-38-7-12
Amount of state contribution
Sec. 12. (a) If a state educational institution establishes a
retirement benefit system applicable to employees of the institution
who otherwise qualify as members of the fund under IC 5-10.4-4-1,
the general assembly shall appropriate to a state educational
institution that establishes a retirement benefit system to fund the
retirement benefit system an amount estimated to be equal to seven
and four-tenths percent (7.4%) of the compensation of an employee
who:
(1) makes the election described in section 5 of this chapter;
and
(2) becomes a participant in the retirement benefit system of the
state educational institution for all or a part of the period of the
appropriation.
(b) The state educational institution shall:
(1) estimate the sum described in subsection (a); and
(2) submit the estimate to the budget agency and to the
commission for higher education for inclusion in the operating
appropriation of the state educational institution.
(c) The estimate described in subsection (b) must be submitted at
the same time but separately from the request of the state educational
institution for an operating appropriation.
As added by P.L.2-2007, SEC.279.
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