(a) On or before June 15 of each year, the system shall send a delinquency notice to a delinquent political subdivision. The delinquency notice must inform the delinquent political subdivision that: (1) an employee retirement plan offered by the delinquent political subdivision:(A) received less than ninety-five percent (95%) of the actuarially determined contribution for the immediately preceding fiscal year, as determined by the system or its agent; or(B) was less than fifty percent (50%) funded at any time during the immediately preceding fiscal year, as determined by the system or its agent; and(2) the delinquent political subdivision must take the steps described in subsection (b).(b) After receiving the notice described in subsection (a), a political subdivision shall make a presentation that includes a remediation plan to the interim study committee on pension management oversight (established by IC 2-5-1.3-4) regarding the delinquent employee retirement plan described in subsection (a).Added by P.L. 129-2024,SEC. 8, eff. 3/13/2024.Added by P.L. 136-2024,SEC. 5, eff. 3/13/2024.