Indiana Administrative Code
Title 35 - BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM
Article 8 - PUBLIC EMPLOYEES' RETIREMENT FUND MODEL PLAN AMENDMENTS
Rule 1 - Adoption of IRS Model Amendment to Comply with the Unemployment Compensation Amendments of 1992
Section 1-2 - Introduction
Current through September 18, 2024
Authority: IC 2-3.5-3-4; IC 5-10.3-11-2; IC 5-10.5-4-2; IC 33-38-6-23; IC 33-39-7-11; IC 36-8-8-5
Affected: IC 2-3.5; IC 5-10-5.5; IC 5-10.3; IC 5-10.5; IC 33-13-8; IC 33-14-9; IC 36-8-6-2; IC 36-8-7-3; IC 36-8-7.5-2
Sec. 2.
(a) The UCA was signed into law on July 3, 1992. The UCA expanded the permanent federal-state extended unemployment benefits program and extended the existing emergency unemployment insurance program. The sources of financing for the UCA benefit extensions include provisions affecting distributions from tax-qualified pension plans such as the funds. The provisions of the UCA were subsequently amended by EGTRRA.
(b) 35 IAC 8-2 includes the model language set forth in Revenue Procedure 93-12, issued December 30, 1992, to amend the fund to comply with the requirements of Section 401(a)(31) of the Code. 35 IAC 8-2 reflects the Model Amendment drafted by the IRS, as amended by EGTRRA. The board of trustees recognizes that some provisions included in the model amendment language are not applicable to a governmental plan as defined in Section 414(d) of the Code. As a result, those provisions that are not applicable to a governmental plan will not be applied by the board of trustees. Any local board may elect to use a different compliance mechanism should they decide, through adoption of appropriate bylaws, under IC 36-8-6-2(g)(5), IC 36-8-7-3(c), or IC 36-8-7.5-2(g)(5).
