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.
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