Application of forfeited funds

Authority: IC 5-10.4-8-4; IC 5-10.5-4-2 Affected: IC 5-10.4-8-11 Sec. 7. Under Section 401 of the Internal Revenue Code, amounts forfeited as described in IC 5-10.4-8-11 or 35 IAC 14.1-3-1 during a plan year shall be used for plan administrative expenses, and any remaining forfeitures shall be used to reduce future employer contributions to the plan not later than twelve (12) months after the end of the fiscal year in which the forfeitures are incurred or, if longer, the maximum time allowed under treasury regulations. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 14.1-7-7; adopted Dec 13, 2024: 20250108-IR-035240621ONA)