CHAPTER 11. PENSION RELIEF FUND
IC 5-10.3-11
Chapter 11. Pension Relief Fund
IC 5-10.3-11-1
Creation; administration; revenues
Sec. 1. There is created within the public employees' retirementfund a separate account known as the pension relief fund. This fundis administered by the board of trustees of the public employees'retirement fund, referred to as the "state board" in this chapter. Thepension relief fund consists of revenues received underIC 6-7-1-28.1(4), IC 7.1-4-12-1, any appropriations to the fund, andearnings on these revenues.
As added by Acts 1980, P.L.8, SEC.45. Amended by P.L.26-1996,SEC.3.
IC 5-10.3-11-2
Powers and duties of state board
Sec. 2. The state board shall:
(1) make payments from the pension relief fund;
(2) administer the pension relief fund in accordance with thepowers and duties granted it in IC 5-10.3-3-7, IC 5-10.3-3-8,and IC 5-10.3-5-3 through IC 5-10.3-5-6; and
(3) provide by rule and regulation for the implementation of thischapter.
As added by Acts 1980, P.L.8, SEC.45.
IC 5-10.3-11-3
Payments to units of local government; restriction
Sec. 3. The pension relief fund may be used only for makingpayments to cities, counties, towns, and townships, referred to as"units of local government" in this chapter, having pension fundsestablished under IC 18-1-12, IC 19-1-18, IC 19-1-24, IC 19-1-25-4,IC 19-1-30, IC 19-1-37, or IC 19-1-44 (all before their repeal).Payments received by the units may be used only for:
(1) pension payments from a pension fund listed in this section;or
(2) withdrawals under section 6 of this chapter.
As added by Acts 1980, P.L.8, SEC.45. Amended byP.L.182-2009(ss), SEC.74.
IC 5-10.3-11-4
Certification of information to state board; determination of totalpension payments
Sec. 4. (a) Monies from the pension relief fund shall be paidannually by the state board under the procedures specified in thissection.
(b) Each year, before a date set by the state board, each unit oflocal government must certify to the state board:
(1) the amount of payments made during the preceding year forbenefits under its pension funds covered by this chapter,
referred to in this section as "pension payments";
(2) the data determined necessary by the state board to performan actuarial valuation of the unit's pension funds covered by thischapter;
(3) the names required to prepare the list specified in subsection(c); and
(4) any other information that is necessary for the state board tomake distributions to units under this chapter.
A unit is ineligible to receive a distribution under this section if itdoes not supply the complete information required by this subsectionor a substantial amount of the information required if it isaccompanied by an affidavit of the chief executive officer of the unitdetailing the steps which have been taken to obtain the informationand the reasons the complete information has not been obtained. Thissubsection supersedes the reporting requirement of IC 5-10-1.5 as itapplies to pension funds covered by this chapter.
(c) Each year, before a date set by the state board, the state boardshall prepare a list of all police officers and firefighters, active,retired, and deceased if their beneficiaries are eligible for benefits,who are members of a police or fire pension fund that wasestablished before May 1, 1977. The list may not include policeofficers, firefighters, or their beneficiaries for whom no futurebenefits will be paid. The state board shall then compute the presentvalue of the accrued liability to provide the pension and otherbenefits to each person on the list.
(d) Each year, before a date set by the state board, the state boardshall determine the total pension payments made by all units of localgovernment for the preceding year and shall estimate the totalpension payments to be made to all units in the calendar year inwhich the July 1 occurs and in the following calendar year.
As added by Acts 1980, P.L.8, SEC.45. Amended by Acts 1982,P.L.39, SEC.1; P.L.25-1994, SEC.8; P.L.26-1996, SEC.4;P.L.38-2001, SEC.1; P.L.146-2008, SEC.35.
IC 5-10.3-11-4.5
Repealed
(Repealed by P.L.146-2008, SEC.814.)
IC 5-10.3-11-4.7 Version a
Distributions to units of local government
Note: This version of section effective until 1-1-2011. See alsofollowing version of this section, effective 1-1-2011.
Sec. 4.7. (a) In 2009 and each year thereafter, the state board shalldistribute from the pension relief fund to each unit of localgovernment the total amount of pension, disability, and survivorbenefit payments from the 1925 police pension fund (IC 36-8-6), the1937 firefighters' pension fund (IC 36-8-7), and the 1953 policepension fund (IC 36-8-7.5) to be made by the unit in the calendaryear, as estimated by the state board under section 4 of this chapter,after subtracting any distributions to the unit from the public deposit
insurance fund that will be used for benefit payments.
(b) The state board shall make the distributions under subsection(a) in two (2) equal installments before July 1 and before October 2of each year.
As added by P.L.38-2001, SEC.2. Amended by P.L.28-2006, SEC.1;P.L.234-2007, SEC.277; P.L.146-2008, SEC.36.
IC 5-10.3-11-4.7 Version b
Distributions to units of local government
Note: This version of section effective 1-1-2011. See alsopreceding version of this section, effective until 1-1-2011.
Sec. 4.7. (a) In 2009 and each year thereafter, the state board shalldistribute from the pension relief fund to each unit of localgovernment the total amount of pension, disability, and survivorbenefit payments from the 1925 police pension fund (IC 36-8-6), the1937 firefighters' pension fund (IC 36-8-7), and the 1953 policepension fund (IC 36-8-7.5) to be made by the unit in the calendaryear, as estimated by the state board under section 4 of this chapter.
(b) The state board shall make the distributions under subsection(a) in two (2) equal installments before July 1 and before October 2of each year.
As added by P.L.38-2001, SEC.2. Amended by P.L.28-2006, SEC.1;P.L.234-2007, SEC.277; P.L.146-2008, SEC.36; P.L.115-2010,SEC.4.
IC 5-10.3-11-5
Annual report
Sec. 5. At least annually the state board shall report in writing toeach affected unit of local government the following information:
(1) The projected pension payments for the next twenty (20)years.
(2) The present value of the total future projected pensionpayments.
As added by Acts 1980, P.L.8, SEC.45. Amended by P.L.47-1985,SEC.7; P.L.26-1996, SEC.5.
IC 5-10.3-11-6
Separate accounts
Sec. 6. (a) The state board shall maintain separate accounts foreach unit of local government for purposes of this section. Theaccounts are separate and distinct accounts within the publicemployees' retirement fund and the pension relief fund.
(b) A unit of local government may do the following:
(1) Make deposits at any time to the separate accountestablished for the unit under this section.
(2) Withdraw once each year from the unit's separate accountall or a part of the balance in the account to pay pensionbenefits under IC 36-8-6, IC 36-8-7, or IC 36-8-7.5.
(3) Direct the state board at any time to pay from the unit'sseparate account all or a part of either or both of the following: (A) The unit's employer contributions under IC 36-8-8-6.
(B) The contributions paid by the unit for a member underIC 36-8-8-8(a).
As added by P.L.38-2001, SEC.3. Amended by P.L.146-2008,SEC.37; P.L.182-2009(ss), SEC.75.