1. (a) On or before June 15 of each year, the system shall send a delinquency notice to a delinquent political subdivision. The delinquency notice must inform the delinquent political subdivision of the following:

   1. (1) An employee retirement plan offered by the delinquent political subdivision:

      1. (A) received less than the actuarially determined contribution for at least three (3) out of the last five (5) immediately preceding fiscal years, as determined by the system or its agent; or
      2. (B) was less than fifty percent (50%) funded at any time during the immediately preceding fiscal year, as determined by the system or its agent.
   2. (2) That the delinquent political subdivision must comply with subsection (b).
2. (b) After receiving the notice described in subsection (a), a political subdivision shall make a presentation that includes a remediation plan to the interim study committee on pension management oversight (established by IC 2-5-1.3-4 ) regarding the delinquent employee retirement plan described in subsection (a).

As added by P.L.129-2024, SEC.8 and P.L.136-2024, SEC.5. Amended by P.L.104-2026, SEC.20.