Section 35 IAC 1.2-6-12 - Withdrawal of political subdivisions and charter schoolsAuthority: IC 5-10.5-4-2
Affected: IC 5-10.3-6-8; IC 20-24-6-7
Sec. 12.
(a) The withdrawal of a political subdivisions [sic] and charter schools are governed by IC 5-10.3-6-8 and this rule.(b) Whenever a political subdivision or charter school intends to stop participation in PERF not as a result of the termination of the participant as an entity or as a result of the participant selling all of the participant's assets, the following process will apply: (1) the withdrawing employer participant shall notify PERF in writing of its intent to withdraw and stop participating;(2) the date of the notice shall be the first day of a participant's payroll period;(3) the withdrawing participant shall provide the names of the participant's current and former employees as of the date on which the notice was provided;(4) no further employee or employer contributions shall be made and no further service credit shall accrue from the date of the notice;(5) PERF will determine the participant's liabilities as described in IC 5-10.3-6-8 as of the date of the notice;(6) the participant shall contribute to PERF the amount necessary to pay the liability in a lump sum or amortized over a two (2) year period beginning with the notice date; and(7) two (2) years after the notice date provided that all the requirements of IC 5-10.3-6-8 and this rule have been met, a termination date shall be set by PERF.Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-6-12; adopted Sep 16, 2011: 20110928-IR- 035110563ONA