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 individualwho has accumulated a balance of funds with a payroll savings planadministrator 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 amethod provided by an employer to the employer's employees for thevoluntary purchase of United States savings bonds on a regularschedule through the designation of an amount to be deducted eachpay period until a sufficient amount accumulates to pay the purchaseprice 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 planadministrator" means an organization that:
        (1) has been qualified by the Federal Reserve Bank or theBureau of the Public Debt under 31 CFR Part 317 to sell UnitedStates savings bonds; and
        (2) operates payroll savings plans on behalf of employers forthe 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 amountheld by a payroll savings plan administrator for a participant who:
        (1) is not making allotments of payroll deductions to the payrollsavings plan administrator; but
        (2) has not terminated the individual's directions to theparticipant's employer or the employer's payroll savings planadministrator to purchase United States savings bonds for theindividual when a sufficient balance accumulates to pay thepurchase price.
As added by P.L.141-2005, SEC.27.

IC 30-2-16-5
Static balance administration services; reimbursement ofadministrator
    Sec. 5. Subject to this chapter, a payroll savings planadministrator is entitled to reimbursement from a static balance forreasonable expenses incurred in the performance of static balance

administration services beginning with the year after the participantceases to make allotments of payroll deductions to the payrollsavings 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 inwhich 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 accountscontaining a static balance that would otherwise be reported to thestate 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 accountwith a static balance is one dollar ($1) per month.
As added by P.L.141-2005, SEC.27.