Supplemental contribution and forfeited funds

Authority: IC 5-10.3-12-18; IC 5-10.5-4-2 Affected: IC 5-10.2-2-11; IC 5-10.2-2-21; IC 5-10.3-6-7 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) A participating entity with fund participation prior to July 1, 2015. (2) 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 a participating entity. (c) 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 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. 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)