(a) Each employer shall annually on March 31, June 30, September 30, and December 31, for the calendar quarters ending on those dates, or an alternate date established by the rules of the system board, pay into the 1977 fund an amount determined by the system board:

1. (1) for administration expenses; and
2. (2) sufficient to maintain level cost funding during the period of employment on an actuarial basis for members hired after April 30, 1977.

(a) or fails to send the fund members' contributions required by section 8(a) of this chapter, the amount payable, on request of the system board, may be withheld by the auditor of state from money payable to the employer and transferred to the fund. In the alternative, the amount payable may be recovered in the circuit or superior court of the county in which the employer is located, in an action by the state on the relation of the system board, prosecuted by the attorney general.

[Pre-Local Government Recodification Citations: 19-1-17.8-4; 19-1-36.5-4.]

As added by Acts 1981, P.L.309, SEC.59. Amended by Acts 1982, P.L.33, SEC.39; P.L.13-2011, SEC.16; P.L.35-2012, SEC.118.