Bill Text: IN SB0199 | 2010 | Regular Session | Amended
Bill Title: State deferred compensation plan.
Spectrum: Slight Partisan Bill (Republican 4-2)
Status: (Engrossed - Dead) 2010-02-08 - First reading: referred to Committee on Labor and Employment [SB0199 Detail]
Download: Indiana-2010-SB0199-Amended.html
Citations Affected: IC 5-10.
Synopsis: State deferred compensation plan. Provides that if an
employee does not choose another amount, the state shall, in each pay
period during the first year the employee is automatically enrolled in
the state's deferred compensation plan (plan), deduct from the
employee's compensation the greater of: (1) the maximum amount of
any match provided by the state on behalf of the employee to a defined
contribution plan; or (2) $15; and deposit the amount deducted in the
employee's account.
Effective: July 1, 2010.
January 5, 2010, read first time and referred to Committee on Pensions and Labor.
January 14, 2010, reported favorably _ Do Pass.
January 25, 2010, read second time, amended, ordered engrossed.
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A BILL FOR AN ACT to amend the Indiana Code concerning state
and local administration.
(b) Unless an employee notifies the state that the employee does not want to enroll in the deferred compensation plan, on day thirty-one (31) of the employee's employment:
(1) the employee is automatically enrolled in the deferred compensation plan; and
(2) the state is authorized to begin deductions as otherwise allowed under this chapter.
(c) The auditor of state shall provide written notice to an employee of the provisions of this chapter. The notice provided under this subsection must:
(1) be provided:
(A) with the employee's first paycheck; and
(B) on paper that is a color that is separate and distinct from
the color of the employee's paycheck;
(2) contain a statement concerning:
(A) the purposes of;
(B) procedures for notifying the state that the employee does
not want to enroll in;
(C) the tax consequences of; and
(D) the details of the state match for employee contribution to;
the deferred compensation plan; and
(3) list the telephone number, electronic mail address, and other
contact information for the auditor of state, who serves as plan
administrator.
(d) Notwithstanding IC 22-2-6 and except as provided by
subsection (c), (e), during the first year an employee is enrolled
under subsection (b) in the deferred compensation plan established
by the state under this chapter, the state shall deduct each pay
period from an employee's compensation as a contribution to the
deferred compensation plan established by the state under this chapter
an amount equal to the greater of the following:
(1) The maximum amount of any match provided by the state on
behalf of the employee to a defined contribution plan established
under section 1.5(a) of this chapter.
(2) Fifteen dollars ($15).
(e) An employee may contribute to the deferred compensation plan
established by the state under this chapter an amount other than the
amount described in subsection (d) by affirmatively choosing to
contribute:
(1) a higher amount;
(2) a lower amount; or
(3) zero (0).
