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Senate Bill 0380


Senate Bill 0380

ARCHIVE (2013)

Latest Information

 

DIGEST OF INTRODUCED BILL


State-assisted retirement plan. Establishes a state-assisted retirement plan (plan) for purposes of encouraging Indiana residents to increase their rate of savings and to build assets for the use of a participant or the participant's beneficiaries or survivors after the participant's retirement. Provides that the treasurer of state is the administrator of the plan. Requires that the plan be qualified under Section 401(a) or another applicable section of the Internal Revenue Code. Provides that an employer can participate in the plan only if the employer does not offer its employees a pension or retirement system of any kind. Provides that participation in the plan is voluntary for eligible employers and employees, and permits self-employed individuals to participate in the plan. Provides that the plan may not be construed as a debt, a liability, or an obligation of the state, and that the state does not guarantee amounts deposited into an account or investment returns earned by an account.
    Current Status:
     In Committee - first House
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