Sec. 2. The following definitions apply throughout this chapter:

(1) "Account" means the plan account established for a member under section 7(b) of this chapter.

(2) "Annuity savings account" means the annuity savings account of the 1996 account maintained under IC 5-10.2-2-2(b)(2) and IC 5-10.2-2-2(c)(1).

(3) "Compensation" has the meaning set forth in IC 5-10.2-3-2(a).

(4) "Effective date" means the first day of the month that is six (6) months after the month in which the board adopts provisions to implement the plan under section 4(b) of this chapter.

(5) "Employer" means a school corporation.

(6) "Employer contribution subaccount" means the subaccount in a member's plan account established under section 7(b)(2) of this chapter.

(7) "Fund" refers to the Indiana state teachers' retirement fund established by IC 5-10.4-2-1.

(8) "Internal Revenue Code" has the meaning set forth in IC 5-10.2-1-3.5.

(9) "Member" means an individual described in section 1(a) of this chapter who is not otherwise excluded from membership in the plan.

(10) "Member contribution subaccount" means the subaccount in a member's plan account established under section 7(b)(1) of this chapter.

(11) "Normal retirement age" for a member means the member is at least sixty-two (62) years of age with at least five (5) years of participation in the plan.

(12) "Plan" refers to the teachers' defined contribution plan established by section 4 of this chapter.

(13) "Years of participation" means all periods of participation in the plan in a covered position, plus any additional service for which this chapter provides years of participation credit.

As added by P.L.217-2017, SEC.58. Amended by P.L.27-2019, SEC.12.