Sec. 9.5. (a) This section applies to a balance in a 1937 fund that: (1) accrued from property taxes; (2) is not necessary to meet the pension, disability, and survivor benefit payment obligations of the 1937 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 1937 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 1937 fund. (2) The unit's employer contributions under IC 36-8-8-6 . (3) The contributions paid by the unit 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 1937 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 1937 fund; and (B) deposited in the 1937 fund after December 31, 2008.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.