Section 33-39-7-12 - Contributions(a) Except as otherwise provided in this section, each participant shall make contributions to the fund as follows: (1) A participant described in section 8(a)(1) of this chapter shall make contributions of six percent (6%) of each payment of salary received for services after December 31, 1989.(2) A participant described in section 8(a)(2) or 8(a)(3) of this chapter shall make contributions of six percent (6%) of each payment of salary received for services after June 30, 1994. A participant's contributions shall be deducted from the participant's monthly salary by the state comptroller and credited to the fund.
(b) The state may pay the contributions for a participant. The state may elect to pay the contribution for the participant as a pickup under Section 414(h) of the Internal Revenue Code.(c) After a participant has contributed to the fund as provided in subsection (a) for twenty-two (22) years, the participant is not required to make additional contributions to the fund.(d) After December 31, 2011, the state comptroller shall submit the contributions paid by or on behalf of a participant under this section by electronic funds transfer in accordance with section 12.5 of this chapter.Pre-2004 Recodification Citation: 33-14-9-11.
Amended by P.L. 9-2024,SEC. 521, eff. 7/1/2024.Amended by P.L. 160-2013, SEC. 3, eff. 7/1/2013.Amended by P.L. 13-2011, SEC. 13, eff. 7/1/2011.As added by P.L. 98-2004, SEC.18.