Section 35 IAC 2-2-2 - Interest on employees' contribution accountsAuthority: IC 5-10.5-4-2; IC 36-8-8-5
Affected: IC 36-8-8-8
Sec. 2.
When crediting interest on employee contribution accounts, the 1977 Fund shall do the following:
(1) Credit interest on the prior fiscal year-end balance.(2) Except as provided in subdivision (3), cease crediting interest to accounts which have no activity after five (5) years after the last contribution posting, and, which have total service credit of less than twenty (20) years.(3) If there is no activity on an account because the member is no longer in a covered position, but does not separate from employment with the member's employer, interest shall begin or continue being credited to the member's account until the money is distributed in accordance with IC 36-8-8 or fifty (50) years after leaving the covered position. No interest shall be credited under this subdivision prior to the effective date of this subdivision.(4) Not credit interest at a rate greater than the investment income earned.Board of Trustees of the Indiana Public Retirement System; 35 IAC 2-2-2; filed May 9, 1979, 11:31 a.m.: 2 IR 681; filed Aug 6, 1981, 2:30 p.m.: 4 IR 1805; readopted filed Oct 31, 2001, 2:21 p.m.: 25 IR 898; adopted Nov 9, 2007: 20071205-IR-035070818ONA; adopted Apr 29, 2011: 20110511-IR-035110273ONA