Sec. 12. (a) If a state educational institution establishes a retirement benefit system applicable to employees of the institution who otherwise qualify as members of the fund under IC 5-10.4-4-1 , the general assembly shall appropriate to a state educational institution that establishes a retirement benefit system to fund the retirement benefit system an amount estimated to be equal to seven and four-tenths percent (7.4%) of the compensation of an employee who: (1) makes the election described in section 5 of this chapter; and (2) becomes a participant in the retirement benefit system of the state educational institution for all or a part of the period of the appropriation. (b) The state educational institution shall: (1) estimate the sum described in subsection (a); and (2) submit the estimate to the budget agency and to the commission for higher education for inclusion in the operating appropriation of the state educational institution. (c) The estimate described in subsection (b) must be submitted at the same time but separately from the request of the state educational institution for an operating appropriation. [Pre-2007 Higher Education Recodification Citation: 21-6.1-8-3.] IC 21-38-8 Chapter 8. Indiana Excellence in Teaching Endowment 21-38-8-1 Indiana excellence in teaching council; establishment 21-38-8-2 Indiana excellence in teaching endowment; administration 21-38-8-3 Qualifications 21-38-8-4 Application for matching grants 21-38-8-5 Distribution of endowment funds; considerations 21-38-8-6 Approval or disapproval of matching funds 21-38-8-7 Matching grants; use 21-38-8-8 Staff 21-38-8-9 Appropriation 21-38-8-10 Council powers
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