35 IAC 6-2-1 Overpayment to units of local government; repayment

Sec. 1. Payments to Units of Local Government. Any unit of local government that is found to have been overpaid a Pension Relief Distribution shall be required to repay the Pension Relief Fund the total amount of the overpayment. The repayment is calculated using the same factors used in the year of the overpayment. An Interest Penalty shall be collected using the Average Interest Rate earned on the Pension Relief Fund during the fiscal year ended in which the overpayment originated. All funds repaid to the Pension Relief Fund in a calendar year shall be added to the amount to be paid in the following year's distribution.