Note: This version of section effective until 7-1-2018. See also following repeal of this section, effective 7-1-2018.

1. (b) After December 31, 2017, the deferred compensation committee shall establish and maintain:

   1. (1) an investment product for the state employees' deferred compensation plan; and

   2. (2) a funding offering for the defined contribution plan established under section 1.5 of this chapter;

      named the next level Indiana innovation and entrepreneurial fund. The deferred compensation committee shall consult with the board of trustees of the next level Indiana trust fund established under IC 8-14-15.1 and the board of trustees of the Indiana public retirement system established under IC 5-10.5-3-1 in establishing the investment objectives and policies for the next level Indiana fund. Not more than twenty-five million dollars ($25,000,000) of the assets of the next level Indiana fund may be invested in any one (1) particular investment fund or investment firm.

2. (c) The following apply to a state employee who selects the next level Indiana fund:

   1. (1) The state employee's initial transfer into the next level Indiana fund may not exceed twenty percent (20%) of the balance in the state employee's account in the state employees' deferred compensation plan, as of the day before the effective date of the state employee's selection of the next level Indiana fund.
   2. (2) After the state employee's initial transfer into the next level Indiana fund, contributions made by the state employee, or on the state employee's behalf, into the next level Indiana fund each year may not exceed twenty percent (20%) of the total contributions to the state employee's account in the state employees' deferred compensation plan for that year.

   3. (3) If a state employee:

      1. (A) contributes not less than the amount the state employee initially designated to the next level Indiana fund in the state employees' deferred compensation plan for at least thirty-six
      2. (36) consecutive months; and

      3. (B) maintains in the next level Indiana fund in the state employees' deferred compensation plan the amounts transferred and contributed during that period;

         the state shall contribute on the state employee's behalf to the next level Indiana fund offering in the defined contribution plan established under section 1.5 of this chapter as a match ten percent (10%) of the total amount contributed by the state employee or on the state employee's behalf to the next level Indiana fund in the state employees' deferred compensation plan during that thirty-six (36) month period.

   4. (4) After the period described in subdivision (3), for each additional twelve (12) consecutive months that a state employee:

      1. (A) contributes not less than the amount the state employee initially designated to the next level Indiana fund in the state employees' deferred compensation plan; and

      2. (B) maintains in the next level Indiana fund in the state employees' deferred compensation plan the amounts transferred and contributed during that period;

         the state shall contribute on the state employees' behalf to the next level Indiana fund offering in the defined contribution plan established under section 1.5 of this chapter as a match ten percent (10%) of the total amount contributed by the state employee or on the state employee's behalf to the next level Indiana fund in the state employees' deferred compensation plan during that twelve (12) month period. In determining the state's match under this subdivision, the total amount contributed by the state employee or on the state employee's behalf excludes the amount of any state match under this subdivision or subdivision (3).

3. (d) The state match under this section shall be paid from the personal services/fringe benefit contingency fund.

4. (e) The deferred compensation committee shall report to the budget committee every six (6) months concerning the following:

   1. (1) The number of state employees that have funds invested in the next level Indiana fund under this section.
   2. (2) The total amounts invested in the next level Indiana fund under this section, including the amount of any state match under this section.

Sec. 4.5. (a) As used in this section, "next level Indiana fund" refers to the next level Indiana innovation and entrepreneurial fund established by subsection (b).

As added by P.L.217-2017, SEC.51. Amended by P.L.86-2018, SEC.13.