Authority: IC 5-10.4-8; IC 5-10.5-4-2

Affected: IC 5-10-8-7; IC 5-10.2-2-2; IC 5-10.2-4-3; IC 5-10.4-2-2; IC 5-10.4-4-1; IC 5-10.4-8

Sec. 1. The definitions in 35 IAC 14-1 apply throughout this article, unless the term is defined in this section or unless the context otherwise clearly requires:

1. (1) "Annuity savings account" or "ASA" means the annuity savings account maintained under IC 5-10.2-2-2(a)(1), as described in IC 5-10.4-8-2(2), and is also referred to as a "defined contribution account".
2. (2) "Compensation", for the purposes of IC 5-10.4-8-9 and this plan, means all compensation that is included as gross income as reported on the participant's W-2 as described in 35 IAC 14-2-10 for covered service by a covered employer, plus the amounts stated in IC 5-10.2-4-3 that are not paid directly to the participant.
3. (3) "Defined contribution account" means the account maintained under IC 5-10.2-2-2(a)(1), as described in IC 5-10.4- 8-2(2), and is also referred to as an "annuity savings account".
4. (4) "Employer contributions" means contributions made by the state, and public school corporations credited to the participant's employer contribution subaccount, as described in IC 5-10.4-8-2(6) and IC 5-10.4-8-10.
5. (5) "Full year of participation" means service of at least one hundred twenty (120) days in one (1) year or sixty (60) days in each of two (2) years.
6. (6) "Fund" means the Indiana state teachers' defined benefit plan as described in IC 5-10.2-2-2 and IC 5-10.4-2- 2.
7. (7) "In service", "active service", and "serve" means physically performing plan covered employment duties in any one (1) day or fraction thereof. The terms also include service by a participant who is a state employee and who is entitled to service credit for the time the member is receiving disability benefits under a disability plan established under IC 5-10-8-7.
8. (8) "Member" means a person who participates in the fund.
9. (9) "Normal cost of the fund", for purposes of IC 5-10.4-8-10 and this plan, means the present value of the portion of the actuarial cost of projected benefits allocated to the current plan year. The normal cost is calculated by determining the projected future benefits to members, discounting the projected future benefits to the valuation date to establish the present value of benefits, and allocating the cost of the present value of benefits to past service, current service, and future service. The amount allocated to the current service is the normal cost. The normal cost of the fund is calculated annually by the actuary as part of the valuation process.
10. (10) "Participant" means a person who participates in the plan.
11. (11) "Participant's contributions" means the participant's contributions credited to the participant's contribution subaccount, as described in IC 5-10.4-8-2(9) and IC 5-10.4-8-9, which includes the participant's compensation under IC 5-10.4-8- 2(3).
12. (12) "Plan" means the teachers' defined contribution plan established under IC 5-10.4-8-4.
13. (13) "TRF membership" or "TRF member" means a person who is eligible for membership in TRF pursuant to IC 5-10.4-4-1 whether or not the person makes an election to participate in the plan.
14. (14) "Vested" or "vested portion" means the portion of the employer contribution subaccount that is vested as described in IC 5-10.4-8-11.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 14.1-2-1; adopted May 3, 2019: 20190515-IR- 035190262ONA)