CHAPTER 12. PENSION MANAGEMENT OVERSIGHT COMMISSION

IC 2-5-12
    Chapter 12. Pension Management Oversight Commission

IC 2-5-12-1
Establishment
    Sec. 1. The pension management oversight commission isestablished to oversee public retirement funds in Indiana.
As added by P.L.5-1985, SEC.1. Amended by P.L.6-1988, SEC.1;P.L.7-1992, SEC.1; P.L.11-1993, SEC.2.

IC 2-5-12-2
Powers and duties
    Sec. 2. (a) The commission shall:
        (1) study the investment and management practices of theboards of the public retirement funds;
        (2) determine what constitutes adequate wage replacementlevels at retirement (including benefits from public retirementfunds and social security) for public employees;
        (3) study the impact of federal law and proposals concerningpensions, annuities, and retirement benefits;
        (4) study the retirement funds established in IC 36-8; and
        (5) study methods and levels of funding for public retirementfunds.
    (b) The commission may study other topics as assigned by thelegislative council or as directed by its chairman.
As added by P.L.5-1985, SEC.1.

IC 2-5-12-3
Members; appointments; removal; vacancies
    Sec. 3. (a) The commission consists of twelve (12) membersappointed as follows:
        (1) Four (4) members of the senate, not more than two (2) ofwhom may be affiliated with the same political party, to beappointed by the president pro tempore of the senate.
        (2) Four (4) members of the house of representatives, not morethan two (2) of whom may be affiliated with the same politicalparty, to be appointed by the speaker of the house ofrepresentatives.
        (3) Two (2) individuals who are not members of the generalassembly to be appointed by the president pro tempore of thesenate.
        (4) Two (2) individuals who are not members of the generalassembly to be appointed by the speaker of the house ofrepresentatives.
The individuals appointed under subdivisions (3) and (4) must beexperts in the areas of finance, investments, or pension fundmanagement.
    (b) The chairman of the legislative council shall appoint a memberof the commission to serve as chairman. Whenever there is a newchairman of the legislative council, the new chairman may remove

the chairman of the commission and appoint another chairman.
    (c) If a legislative member of the commission ceases being amember of the chamber from which the member was appointed, themember also ceases to be a member of the commission.
    (d) A legislative member of the commission may be removed atany time by the appointing authority who appointed the legislativemember.
    (e) If a vacancy exists on the commission, the appointing authoritywho appointed the former member whose position has becomevacant shall appoint an individual to fill the vacancy.
As added by P.L.5-1985, SEC.1.

IC 2-5-12-4
Report
    Sec. 4. The commission shall annually report the results of itsstudy in an electronic format under IC 5-14-6 to the general assemblybefore November 1.
As added by P.L.5-1985, SEC.1. Amended by P.L.28-2004, SEC.6.

IC 2-5-12-5
Staff support; consultants
    Sec. 5. (a) The legislative services agency shall provide staffsupport to the commission.
    (b) The commission may employ consultants to assist it with itsstudy.
As added by P.L.5-1985, SEC.1.

IC 2-5-12-6
Compensation; expenses
    Sec. 6. Each member of the commission is entitled to receive thesame per diem, mileage, and travel allowances paid to individualswho serve as legislative and lay members, respectively, of interimstudy committees established by the legislative council.
As added by P.L.5-1985, SEC.1. Amended by P.L.4-1986, SEC.1.