LegalFix
Sign In

36-8-7.5-10.5. Use of certain amounts in 1953 fund

IN Code § 36-8-7.5-10.5 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 10.5. (a) This section applies to a balance in the 1953 fund that:

(1) accrued from property taxes;

(2) is not necessary to meet the pension, disability, and survivor benefit payment obligations of the 1953 fund because of amendments to IC 5-10.3-11-4.7 in 2008; and

(3) is determined under subsection (c).

(b) A local board may authorize the use of money in the 1953 fund to pay any or all of the following:

(1) The costs of health insurance or other health benefits provided to members, survivors, and beneficiaries of the 1953 fund.

(2) The consolidated city's employer contributions under IC 36-8-8-6.

(3) The contributions paid by the consolidated city for a member under IC 36-8-8-8(a).

(c) The maximum amount that may be used under subsection (b) is equal to the sum of the following:

(1) the unencumbered balance of the 1953 fund on December 31, 2008; plus

(2) the amount of property taxes:

(A) imposed for an assessment date before January 16, 2008, for the benefit of the 1953 fund; and

(B) deposited in the 1953 fund after December 31, 2008.

As added by P.L.182-2009(ss), SEC.434.

Previous Section
36-8-7.5-10. Insufficient pension fund; estimates; statement; tax levy
Next Section
36-8-7.5-11. Investments of local board