35 IAC 1.3-2-1 Definitions

Sec. 1. The definitions in 35 IAC 1.2-2-1 apply throughout this article, unless the term is defined in this section or unless the context otherwise clearly requires: (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 5-10.3-12-3. (2) "Compensation", for the purposes of IC 5-10.3-12-23 and this plan, means all compensation that is included as gross income as reported on the member's W-2 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 member. (3) "Employer contributions" means contributions made by the state, political subdivisions, and miscellaneous participating entities credited to the member's employer contribution subaccount, as described in IC 5-10.3-12-9 and IC 5-10.3-12-24. The term does not include contributions from a political subdivision related to volunteer firefighters covered under the plan. (4) "Member's contributions" means the member's contributions credited to the member's contribution subaccount, as described in IC 5-10.3-12-13 and IC 5-10.3-12-23, which includes the member's compensation under IC 5-10.3-12-5. (5) "Normal cost of the fund", for purposes of IC 5-10.3-12-24 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. (6) "Plan" means the public employees' defined contribution plan established under IC 5-10.3-12. (7) "Vested" or "vested portion" means the portion of the employer contribution subaccount that is vested as described in IC 5-10.3-12-25.