(A) The town elects to become a participating political subdivision or miscellaneous participating entity in the Public Employees Retirement Fund by including classes of employees as stated below in the coverage under state law.
(B) The town elects to offer the following retirement plan(s) under the Public Employees Retirement Fund. Both PERF Hybrid and My Choice Retirement Savings Plan are offered to all employees, allowing the employee to choose in which retirement plan the employee will participate, based upon the employee's previous participation in the Fund or the Plan.
(C) If an employee is eligible to choose membership in either the Fund or the Plan, and that employee fails to make an election within the period set forth in I.C. 5-10.3-12-20 and 35 IAC 1.3-4-1, said employee will be automatically and irrevocably enrolled in the following plan: My Choice Retirement Savings Plan.
(D) Effective as of January 1, 2020, this participating political subdivision or miscellaneous participating entity shall pick up 0% of the mandatory contribution for all employees who are members of PERF (remains as is, no change to current plan where employees pay 3%). Said employees shall not be entitled to choose to receive the contributed amounts directly instead of having them paid by the employer to the specified pension fund.
(E) The town, as a participating political subdivision, offering the Plan, agrees to pay a contribution rate to the Plan as a percentage of each member's compensation in the amount of 11.2%. This amount may range from 0% to the percentage that would produce the normal cost for participation in the fund under I.C. 5-10.2-2-11.
(F) The town, as a participating political subdivision, offering the Plan, agrees to pay a matching rate in the amount of 0% which is the percentage of each member's additional voluntary contributions to the Plan that governing body will match.
(G) The positions listed on Attachment A to Resolution 2019-19, adopted by reference and incorporated as if fully set forth in this section, are declared covered by the Fund, the Plan, or both as indicated in the attached document.
(H) It is hereby declared that none of the classifications or positions specified in division (C) above are compensated on a fee basis or of an emergency nature, or in a part-time category.
(I) The active participation membership of the town shall begin on January 1, 2020.
(J) This section shall be in full force and effect from date of passage and upon approval of the Board of Trustees of the Indiana Public Retirement System, except that active participating membership shall begin on the date set forth in division (I) above.
(Res. 2019-19, passed11-25-19)