IC 2-5-12
Chapter 12. Pension Management Oversight Commission
IC 2-5-12-1 Establishment
Sec. 1. The pension management oversight commission is
established 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 the
boards of the public retirement funds;
(2) determine what constitutes adequate wage replacement
levels at retirement (including benefits from public retirement
funds and social security) for public employees;
(3) study the impact of federal law and proposals concerning
pensions, annuities, and retirement benefits;
(4) study the retirement funds established in IC 36-8; and
(5) study methods and levels of funding for public retirement
funds.
(b) The commission may study other topics as assigned by the
legislative 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) members
appointed as follows:
(1) Four (4) members of the senate, not more than two (2) of
whom may be affiliated with the same political party, to be
appointed by the president pro tempore of the senate.
(2) Four (4) members of the house of representatives, not more
than two (2) of whom may be affiliated with the same political
party, to be appointed by the speaker of the house of
representatives.
(3) Two (2) individuals who are not members of the general
assembly to be appointed by the president pro tempore of the
senate.
(4) Two (2) individuals who are not members of the general
assembly to be appointed by the speaker of the house of
representatives.
The individuals appointed under subdivisions (3) and (4) must be
experts in the areas of finance, investments, or pension fund
management.
(b) The chairman of the legislative council shall appoint a member
of the commission to serve as chairman. Whenever there is a new
chairman 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 a
member of the chamber from which the member was appointed, the
member also ceases to be a member of the commission.
(d) A legislative member of the commission may be removed at
any time by the appointing authority who appointed the legislative
member.
(e) If a vacancy exists on the commission, the appointing authority
who appointed the former member whose position has become
vacant 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 its
study in an electronic format under IC 5-14-6 to the general assembly
before 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 staff
support to the commission.
(b) The commission may employ consultants to assist it with its
study. 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 the
same per diem, mileage, and travel allowances paid to individuals
who serve as legislative and lay members, respectively, of interim
study committees established by the legislative council. As added by P.L.5-1985, SEC.1. Amended by P.L.4-1986, SEC.1.
IC 2-5-12
Chapter 12. Pension Management Oversight Commission
IC 2-5-12-1 Establishment
Sec. 1. The pension management oversight commission is
established 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 the
boards of the public retirement funds;
(2) determine what constitutes adequate wage replacement
levels at retirement (including benefits from public retirement
funds and social security) for public employees;
(3) study the impact of federal law and proposals concerning
pensions, annuities, and retirement benefits;
(4) study the retirement funds established in IC 36-8; and
(5) study methods and levels of funding for public retirement
funds.
(b) The commission may study other topics as assigned by the
legislative 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) members
appointed as follows:
(1) Four (4) members of the senate, not more than two (2) of
whom may be affiliated with the same political party, to be
appointed by the president pro tempore of the senate.
(2) Four (4) members of the house of representatives, not more
than two (2) of whom may be affiliated with the same political
party, to be appointed by the speaker of the house of
representatives.
(3) Two (2) individuals who are not members of the general
assembly to be appointed by the president pro tempore of the
senate.
(4) Two (2) individuals who are not members of the general
assembly to be appointed by the speaker of the house of
representatives.
The individuals appointed under subdivisions (3) and (4) must be
experts in the areas of finance, investments, or pension fund
management.
(b) The chairman of the legislative council shall appoint a member
of the commission to serve as chairman. Whenever there is a new
chairman 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 a
member of the chamber from which the member was appointed, the
member also ceases to be a member of the commission.
(d) A legislative member of the commission may be removed at
any time by the appointing authority who appointed the legislative
member.
(e) If a vacancy exists on the commission, the appointing authority
who appointed the former member whose position has become
vacant 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 its
study in an electronic format under IC 5-14-6 to the general assembly
before 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 staff
support to the commission.
(b) The commission may employ consultants to assist it with its
study. 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 the
same per diem, mileage, and travel allowances paid to individuals
who serve as legislative and lay members, respectively, of interim
study committees established by the legislative council. As added by P.L.5-1985, SEC.1. Amended by P.L.4-1986, SEC.1.
IC 2-5-12
Chapter 12. Pension Management Oversight Commission
IC 2-5-12-1 Establishment
Sec. 1. The pension management oversight commission is
established 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 the
boards of the public retirement funds;
(2) determine what constitutes adequate wage replacement
levels at retirement (including benefits from public retirement
funds and social security) for public employees;
(3) study the impact of federal law and proposals concerning
pensions, annuities, and retirement benefits;
(4) study the retirement funds established in IC 36-8; and
(5) study methods and levels of funding for public retirement
funds.
(b) The commission may study other topics as assigned by the
legislative 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) members
appointed as follows:
(1) Four (4) members of the senate, not more than two (2) of
whom may be affiliated with the same political party, to be
appointed by the president pro tempore of the senate.
(2) Four (4) members of the house of representatives, not more
than two (2) of whom may be affiliated with the same political
party, to be appointed by the speaker of the house of
representatives.
(3) Two (2) individuals who are not members of the general
assembly to be appointed by the president pro tempore of the
senate.
(4) Two (2) individuals who are not members of the general
assembly to be appointed by the speaker of the house of
representatives.
The individuals appointed under subdivisions (3) and (4) must be
experts in the areas of finance, investments, or pension fund
management.
(b) The chairman of the legislative council shall appoint a member
of the commission to serve as chairman. Whenever there is a new
chairman 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 a
member of the chamber from which the member was appointed, the
member also ceases to be a member of the commission.
(d) A legislative member of the commission may be removed at
any time by the appointing authority who appointed the legislative
member.
(e) If a vacancy exists on the commission, the appointing authority
who appointed the former member whose position has become
vacant 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 its
study in an electronic format under IC 5-14-6 to the general assembly
before 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 staff
support to the commission.
(b) The commission may employ consultants to assist it with its
study. 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 the
same per diem, mileage, and travel allowances paid to individuals
who serve as legislative and lay members, respectively, of interim
study committees established by the legislative council. As added by P.L.5-1985, SEC.1. Amended by P.L.4-1986, SEC.1.
