CHAPTER 16. PAYROLL SAVINGS PLAN ADMINISTRATION
IC 30-2-16
Chapter 16. Payroll Savings Plan Administration
IC 30-2-16-1
"Participant"
Sec. 1. As used in this chapter, "participant" means an individual
who has accumulated a balance of funds with a payroll savings plan
administrator through a payroll savings plan.
As added by P.L.141-2005, SEC.27.
IC 30-2-16-2
"Payroll savings plan"
Sec. 2. As used in this chapter, "payroll savings plan" means a
method provided by an employer to the employer's employees for the
voluntary purchase of United States savings bonds on a regular
schedule through the designation of an amount to be deducted each
pay period until a sufficient amount accumulates to pay the purchase
price of at least one (1) United States savings bond.
As added by P.L.141-2005, SEC.27.
IC 30-2-16-3
"Payroll savings plan administrator"
Sec. 3. As used in this chapter, "payroll savings plan
administrator" means an organization that:
(1) has been qualified by the Federal Reserve Bank or the
Bureau of the Public Debt under 31 CFR Part 317 to sell United
States savings bonds; and
(2) operates payroll savings plans on behalf of employers for
the purchase of United States savings bonds.
As added by P.L.141-2005, SEC.27.
IC 30-2-16-4
"Static balance"
Sec. 4. As used in this chapter, "static balance" means an amount
held by a payroll savings plan administrator for a participant who:
(1) is not making allotments of payroll deductions to the payroll
savings plan administrator; but
(2) has not terminated the individual's directions to the
participant's employer or the employer's payroll savings plan
administrator to purchase United States savings bonds for the
individual when a sufficient balance accumulates to pay the
purchase price.
As added by P.L.141-2005, SEC.27.
IC 30-2-16-5
Static balance administration services; reimbursement of
administrator
Sec. 5. Subject to this chapter, a payroll savings plan
administrator is entitled to reimbursement from a static balance for
reasonable expenses incurred in the performance of static balance
administration services beginning with the year after the participant
ceases to make allotments of payroll deductions to the payroll
savings plan administrator.
As added by P.L.141-2005, SEC.27.
IC 30-2-16-6
Applicability of reimbursement provision
Sec. 6. Section 5 of this chapter applies only to an account in
which the static balance does not exceed fifty dollars ($50).
As added by P.L.141-2005, SEC.27.
IC 30-2-16-7
Static balance accounts reportable as unclaimed property;
inapplicability of reimbursement provisions
Sec. 7. Section 5 of this chapter does not apply to accounts
containing a static balance that would otherwise be reported to the
state under IC 32-34-1-26 as Indiana property.
As added by P.L.141-2005, SEC.27.
IC 30-2-16-8
Static balance account; maximum monthly charge
Sec. 8. The maximum charge that may be imposed on an account
with a static balance is one dollar ($1) per month.
As added by P.L.141-2005, SEC.27.