Sec. 18. (a) The public employees' defined contribution plan is established for the purpose of providing amounts funded by an employer and a member for the use of the member or the member's beneficiaries or survivors after the member's retirement.

(b) The board shall adopt provisions to implement the plan established under subsection (a) as follows:

(1) The board shall initially offer the plan using the annuity savings account, subject to obtaining the approval of the Internal Revenue Service in a manner satisfactory to the board to preserve the qualified status of the plan and the fund. If, and while, the plan uses the annuity savings account as provided in this subdivision, the plan is a component within the fund.

(2) If the approval of the Internal Revenue Service to offer the plan using the annuity savings account cannot be obtained in a manner satisfactory to the board, the board shall offer the plan as a separate fund under Section 401(a) or another applicable section of the Internal Revenue Code.

(3) If the board initially offers the plan using the annuity savings account as provided under subdivision (1), the board may at any time afterwards convert the plan to a separate fund under Section 401(a) or another applicable section of the Internal Revenue Code. If the board converts the plan to a separate fund as provided under this subdivision, after the conversion the plan is not a component within the fund.

(c) The board shall administer the plan.

(d) The board may adopt a plan document that it considers appropriate or necessary to administer the plan.

As added by P.L.22-2011, SEC.2. Amended by P.L.27-2019, SEC.6.