CHAPTER 8. BENEFIT PLANS

IC 27-16-8
    Chapter 8. Benefit Plans

IC 27-16-8-1
Client and PEO considered employer for purposes of retirementand welfare benefits
    Sec. 1. A client and a PEO are each considered to be an employerfor purposes of sponsoring retirement and welfare benefit plans forcovered employees.
As added by P.L.245-2005, SEC.7.

IC 27-16-8-2
Fully insured welfare benefit plans
    Sec. 2. A fully insured welfare benefit plan offered to coveredemployees of a single PEO is:
        (1) considered to be a single employer welfare benefit plan; and
        (2) not a multiple employer welfare arrangement (as defined inIC 27-1-34-1(b)) and is not required to comply with IC 27-1-34.
As added by P.L.245-2005, SEC.7.

IC 27-16-8-3
Covered employees considered to participate in single employerplan
    Sec. 3. For purposes of IC 27-8-15, all covered employees of aPEO participating in a group health benefit plan sponsored by thePEO are considered to be:
        (1) employees of the PEO; and
        (2) participating in a single employer plan.
As added by P.L.245-2005, SEC.7.

IC 27-16-8-4
Health benefit plan offered by PEO
    Sec. 4. If a PEO offers to the PEO's covered employees a healthbenefit plan that is not fully insured by an insurer authorized underthis title to conduct the business of insurance in Indiana, the healthbenefit plan must:
        (1) be administered by an administrator licensed underIC 27-1-25;
        (2) hold all plan assets, including participant contributions, ina trust account;
        (3) provide sound reserves for the health benefit plan asdetermined using generally accepted actuarial standards as setforth in an actuarial opinion filed with the commissioner andprepared and signed by a qualified actuary who:
            (A) is a member in good standing of the American Academyof Actuaries; and
            (B) meets the requirements established by the commissionerin rules adopted under IC 4-22-2;
        (4) annually submit current audited financial statements to thecommissioner;        (5) at the discretion of the commissioner, possess a writtencommitment, binder, or policy for stop-loss insurance:
            (A) issued by an insurer authorized to conduct the businessof insurance in Indiana; and
            (B) that meets any specific and total coverage requirementsestablished by the commissioner in rules adopted underIC 4-22-2;
        (6) be subject to audit for compliance with the requirements ofthis section by the department on a random basis or upon afinding of reasonable need; and
        (7) provide written notice to each covered employeeparticipating in the health benefit plan that the health benefitplan is:
            (A) self-insured or not fully insured; and
            (B) subject to the federal Employee Retirement IncomeSecurity Act of 1974 (29 U.S.C. 1001 et seq.).
As added by P.L.245-2005, SEC.7.