1. (a) As used in this section, "next level Indiana fund" refers to the next level Indiana innovation and entrepreneurial fund established by subsection (b).
2. (b) After December 31, 2017, the board shall establish and maintain an alternative investment program within the annuity savings account of the public employees' retirement fund, the pre-1996 account, and the 1996 account named the next level Indiana innovation and entrepreneurial fund. The board shall consult with the board of trustees of the next level Indiana trust fund established under IC 8-14-15.1 and the deferred compensation committee established under IC 5-10-1.1-4 in establishing the investment objectives and policies for the next level Indiana fund.

3. (c) The following apply to a member who selects the next level Indiana fund:

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

   3. (3) If a member:

      1. (A) contributes not less than the amount the member initially designated to the next level Indiana fund for at least thirty-six
      2. (36) consecutive months; and

      3. (B) maintains in the next level Indiana fund the amounts transferred and contributed during that period;

         the state shall contribute on the member's behalf to the next level Indiana fund as a match ten percent (10%) of the total amount contributed by or on the member's behalf to the next level Indiana fund 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 member:

      1. (A) contributes not less than the amount the member initially designated to the next level Indiana fund; and

      2. (B) maintains in the next level Indiana fund the amounts transferred and contributed during that period;

         the state shall contribute on the member's behalf to the next level Indiana fund as a match ten percent (10%) of the total amount contributed by or on the member's behalf to the next level Indiana fund during that twelve (12) month period. In determining the state's match under this subdivision, the total amount contributed by or on the member's behalf excludes the amount of any state match under this subdivision or subdivision (3).

4. (d) The state match under this section shall be paid from the personal services contingency fund.

As added by P.L.217-2017, SEC.55.