IC 5-10.3-2
    Chapter 2. The Public Employees' Retirement Fund

IC 5-10.3-2-1
Establishment and administration of fund
    Sec. 1. Establishment of Fund and Board. (a) The publicemployees' retirement fund of Indiana, referred to as the fund, isestablished to pay benefits to officers and employees of the state andits political subdivisions after specified years of service and underother specified circumstances. The purpose of the fund is to promoteeconomy and efficiency in the administration of state and localgovernment by providing an orderly way for members to be retiredwithout prejudice and without inflicting hardship on the retiredmember.
    (b) The fund is a trust. The board of trustees of the publicemployees' retirement fund, referred to as the board, shall administerthe fund and implement this article, without the supervision of thedepartment of insurance.
As added by Acts 1977, P.L.53, SEC.3.

IC 5-10.3-2-2
Interests in fund
    Sec. 2. No individual, group of persons, or entity has a right toany specific security, property, or cash other than an undividedinterest in the whole fund as specified in this article.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984,SEC.3.

IC 5-10.3-2-3
Legislative intent; public obligations
    Sec. 3. The general assembly intends that, to the extent specifiedin this article, the payments to the fund by the state or theparticipating political subdivisions, the payment of all benefits, thepayment of interest credits, and the payment of administrationexpenses are obligations of the state and the participating politicalsubdivisions. However, this obligation is not a guarantee that theamount credited to a member in the annuity savings account will notvary in value as a result of the performance of the investmentprogram selected by the member under IC 5-10.2-2, unless themember selected the guaranteed program, in which case theobligation is such a guarantee.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.35-1985,SEC.19.