Section 35IAC1.2-1-7. Overpayments and underpayments to employer, PERF ASA, and contribution accounts administered by the Indiana public retirement system

   (a) This rule applies to all INPRS funds that have contribution accounts.

  (b) When there has been an overpayment of picked up member contributions or after-tax member contributions, the principal amount of the overpayment will be credited to the employer. The principal amount of the overpayment may be adjusted for earnings/interest at the interest rate defined in subsection (e).

  (c) When there has been an underpayment of picked up member contributions or after-tax member contributions, the principal amount of the underpayment will be billed to the employer. The principal amount of the underpayment may be adjusted for earnings/interest at the interest rate defined in subsection (e) to begin accruing seven (7) days after the pay period end date of the original wage and contribution report.

  (d) When there has been an overpayment of employer contributions, the principal amount of the overpayment will be credited to the employer. The principal amount of the overpayment may be adjusted for earnings/interest at the interest rate defined in subsection (e).

  (e) When there has been an underpayment of the employer contribution, the principal amount of the underpayment will be billed to the employer. The principal amount may be adjusted for earnings/interest at the interest rate defined in subsection (f) to begin accruing seven (7) days after the pay period end date of the original wage and contribution report.

  (f) For purposes of this section, the interest rate shall be determined by the executive director and shall not exceed the assumed rate of return set by the board. (Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-1-7; adopted Mar 6, 2015: 20150318-IR-035150060ONA)