Section 35 IAC 14-7-11 - Overpayments and underpaymentsAuthority: IC 5-10.2-2-1; IC 5-10.5-4-2
Affected: IC 5-10.2-2-11; IC 5-10.2-3-2; IC 6-8.1-10-1
Sec. 11.
(a) When there has been an overpayment of picked up member contributions or after-tax member contributions, the principal amount of the overpayment will be credited to the employer. The principal amount of the overpayment may be adjusted for earnings/interest at the interest rate defined in subsection (e).(b) When there has been an underpayment of picked up member contributions or after-tax member contributions, the principal amount of the underpayment will be billed to the employer. The principal amount of the underpayment may be adjusted for earnings/interest at the interest rate defined in subsection (e).(c) When there has been an overpayment of employer contributions, the principal amount of the overpayment will be credited to the employer. The principal amount of the overpayment may be adjusted for earnings/interest at the interest rate defined in subsection (e).(d) When there has been an underpayment of the employer contribution, the principal amount of the underpayment will be billed to the employer. The principal amount may be adjusted for earnings/interest at the interest rate defined in subsection (e).(e) For purposes of this section, the interest rate shall be determined by the executive director and shall not exceed the rate of interest set each year within IC 6-8.1-10-1(c).Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-11; 9; adopted Dec 16, 2009: 20100106-IR-550090990ONA; errata filed Jan 19, 2010, 12:48 p.m.: 20100203-IR-550100043ACA; adopted Sep 16, 2010: 20100929-IR-550100612ONATransferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-7-9) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-7-11) by P.L. 23-2011, SECTION 22, effective July 1, 2011.