35 IAC 23-1-1 Purpose and administration

Sec. 1. (a) The plan is established as a health reimbursement arrangement for the purpose of funding, on a pre-tax basis, benefits for sickness, accident, hospitalization, and medical expenses for certain retired employees of employers. The purpose of the plan is to reimburse eligible retired employees of employers for certain qualifying medical expenses that the retired employees, their spouses, and their dependent children incur in accordance with IC 5-10-8.5 and this rule. (b) The plan shall be administered by the board of trustees of the Indiana public retirement system (hereinafter referred to as the INPRS board). (c) All assets shall be held in trust for the exclusive benefit of participants of the plan and their beneficiaries and shall only be distributed according to IC 5-10-8.5 and this rule. (d) The plan shall comply with the requirements of Section 105 of the Internal Revenue Code.