35 IAC 1.3-7-7 Resolutions filed by political subdivisions; contributions

Sec. 7. (a) Resolutions to join, expand coverage in, modify, or withdraw from the plan or fund may be submitted any time prior to the effective date. (b) Resolutions to join shall be effective on the date of approval by the board. All other resolutions described in subsection (a) and modifications described in subsection (c) shall be effective when the necessary actuarial costs are calculated and the respective statutory requirements to expand coverage in or otherwise modify participation have been met and approved by INPRS. (c) Resolutions and modifications to resolutions should include the following: (1) Whether the employer will pay mandatory contributions or voluntary contributions, or both. (2) The employer contribution rate, as a percentage of each member's compensation, between zero percent (0%) and the normal cost of participation in the fund, as described in IC 5-10.2-2-11. (3) Whether the employer will match fifty percent (50%) of each participant's additional contributions to the plan. (4) A default plan election. (5) Whether the employer will allow a member retired from the fund to enroll in the plan, in accordance with IC 5-10.3-12-32. (6) A designation whether a political subdivision decides to cover volunteer firefighters including the frequency and amount of political subdivision-paid member contributions. (d) Modifications may be made during an "open enrollment" period, communicated to participating entities in advance. (e) If an employer elects to pay all or part of the member contributions, the employer must pay the same amounts for all eligible employees participating in the plan or fund.