Authority: IC 5-10.5-4-2

Affected: IC 5-10.2; IC 5-10.3-2-1; IC 5-10.3-7; IC 5-10.5

Sec. 1. The following definitions apply throughout this title, unless the context otherwise clearly requires:

1. (1) "After the member's retirement", for purposes of IC 5-10.2-4-8(b), means when a member separates from employment.
2. (2) "Annuity savings account" or "ASA" consists of the member's contributions whether paid by the member or picked up by the employer, additional annuity contributions, and interest credits on these contributions.
3. (3) "Board" means the board of trustees of the public employees' retirement fund of Indiana.
4. (4) "Ceases service", for purposes of IC 5-10.2-4-3(e) only, means when a member stops earning creditable service.
5. (5) "Contribution accounts" means accounts holding employee contributions other than those to the annuity savings account.
6. (6) "Defined contribution account" means the account consisting of the member's contributions whether paid by the member or picked up by the employer, additional voluntary contributions, and earnings, minus fees.
7. (7) "Employer" means the state for employees of the state and a participating political subdivision for its employees.
8. (8) "Employer contributions" means contributions made by the state and political subdivisions to the retirement allowance account.
9. (9) "ERM" means the employer reporting and maintenance system, a web-enabled software application that manages employer and member data and collects members' wages and contributions.
10. (10) "Full-time employee" means an employee occupying a position covered by the fund as set out in IC 5-10.3- 7.
11. (11) "Fund" means the public employees' retirement fund of Indiana.
12. (12) "Gender and number" means the masculine gender shall include the feminine, and the singular the plural as the context may require.
13. (13) "Governing body" means the county council, city council, trustees of a town, the township board, board of school commissioners, library board, or any board which by law is authorized to fix a rate of taxation on property of a political subdivision, or any other board which is empowered to administer the affairs of any department of a political subdivision, which department receives revenue independently of, or in addition to, funds obtained from taxation.
14. (14) "Indiana pension administration system" or "INPAS" means the defined benefit system, a software application that manages employer and member data and calculates member retirement, disability, and survivor benefits.
15. (15) "INPRS" means the Indiana public retirement system established under IC 5-10.5-2-1.
16. (16) "Member" means persons qualifying for membership under IC 5-10.3-7-1.
17. (17) "Member's contribution" means contribution which each member shall, as a condition of employment, contribute to the fund, which is three percent (3%) of the member's compensation (basic salary as defined in 35 IAC 1.2-5-5), and which includes contributions paid by the employer for the member pursuant to IC 5-10.2-3-2 and IC 5-10.3-7-9, and additional annuity contributions.
18. (18) "PERF" means the public employees' retirement fund.
19. (19) "Political subdivision" means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town or township, which department receives revenue independently of, or in addition to, funds obtained from taxation.
20. (20) "Record keeper" means a third party service provider that provides bookkeeping services for INPRS members' individual ASA and RSA investment trading transactions and individual accounts, including daily valuations of accounts.
21. (21) "Retirement allowance account" consists of employer contributions for pensions and separate accounts shall be maintained for contributions by the state and by each political subdivision.
22. (22) "Rollover savings account" or "RSA" consists of a member's funds transferred to INPRS from another qualified plan plus any interest or earnings.
23. (23) "Vested status" means the member's status of being guaranteed a pension benefit.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-2-1; filed Dec 20, 1988, 1:00 p.m.: 12 IR 1078; readopted filed Oct 31, 2001, 2:18 p.m.: 25 IR 897; adopted Nov 9, 2007: 20071205-IR-035070818ONA; adopted Feb 19, 2010: 20100310-IR-035100124ONA; adopted Jun 11, 2010: 20100728-IR-035100467ONA; adopted Nov 19, 2010: 20101208-IR- 035100722ONA; adopted Dec 17, 2010: 20101229-IR-035100777ONA; adopted Feb 17, 2012: 20120222-IR-035120095ONA; adopted Jun 29, 2012: 20120718-IR-035120397ONA; adopted Dec 14, 2012: 20121226-IR-035120663ONA; adopted Apr 26, 2013: 20130508-IR-035130167ONA; adopted Sep 11, 2015: 20150923-IR-035150302ONA; adopted Jun 23, 2017: 20170705-IR-035170307ONA)