Indiana Administrative Code
Title 35 - BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM
Article 1.2 - PUBLIC EMPLOYEES' RETIREMENT FUND
Rule 6 - Miscellaneous
Section 6-12 - Withdrawal of political subdivisions and charter schools

Universal Citation: 35 IN Admin Code 6-12

Current through September 18, 2024

Authority: IC 5-10.5-4-2

Affected: IC 5-10.3-6-8; IC 20-24-6-7

Sec. 12.

(a) The withdrawal of a political subdivisions [sic] and charter schools are governed by IC 5-10.3-6-8 and this rule.

(b) Whenever a political subdivision or charter school intends to stop participation in PERF not as a result of the termination of the participant as an entity or as a result of the participant selling all of the participant's assets, the following process will apply:

(1) the withdrawing employer participant shall notify PERF in writing of its intent to withdraw and stop participating;

(2) the date of the notice shall be the first day of a participant's payroll period;

(3) the withdrawing participant shall provide the names of the participant's current and former employees as of the date on which the notice was provided;

(4) no further employee or employer contributions shall be made and no further service credit shall accrue from the date of the notice;

(5) PERF will determine the participant's liabilities as described in IC 5-10.3-6-8 as of the date of the notice;

(6) the participant shall contribute to PERF the amount necessary to pay the liability in a lump sum or amortized over a two (2) year period beginning with the notice date; and

(7) two (2) years after the notice date provided that all the requirements of IC 5-10.3-6-8 and this rule have been met, a termination date shall be set by PERF.

Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.