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 that:

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

      1. (A) received less than ninety-five percent (95%) of the actuarially determined contribution for the immediately preceding fiscal year, 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; and
   2. (2) the delinquent political subdivision must take the steps described in 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.