IC 5-10.3-3-1 Composition; appointment; vacancies
Sec. 1. (a) The board is composed of six (6) trustees.
(b) Five (5) of the trustees shall be appointed by the governor, as
follows:
(1) One (1) must be a member of the fund with at least ten (10)
years of creditable service.
(2) Not more than three (3) may be members of the same
political party.
(3) One (1) must be:
(A) a:
(i) member of the fund or retired member of the fund; or
(ii) member of a collective bargaining unit of state
employees represented by a labor organization; or
(B) an individual who is:
(i) an officer or a member of a local, a national, or an
international labor union that represents state or university
employees; and
(ii) an Indiana resident.
(c) The director of the budget agency or the director's designee is
an ex officio voting member of the board. An individual appointed
under this subsection to serve as the director's designee:
(1) is subject to the provisions of section 3 of this chapter; and
(2) serves as a permanent designee until replaced by the
director.
(d) The governor shall fill by appointment vacancies on the board
in the manner described in subsection (b).
(e) In making the appointments under subsection (b)(1) or (b)(2),
the governor may consider whether at least one (1) trustee is a retired
member of the fund under subsection (b)(3)(A)(i). As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.36-1996,
SEC.1; P.L.246-2001, SEC.9; P.L.62-2005, SEC.4.
IC 5-10.3-3-2 Term of office
Sec. 2. Term of Office. Each trustee is entitled to serve a term of
four (4) years beginning on July 1 following appointment and until
his successor is qualified. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-3 Oath of office; qualification for membership
Sec. 3. Oath of Office; Qualification for Membership. Each
trustee shall take an oath of office, which must be:
(1) subscribed to by the trustee making it;
(2) certified by the officer before whom it is taken; and
(3) filed with the secretary of state.
A trustee is qualified for membership on the board when the oath is
filed with the secretary of state. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-4 Compensation
Sec. 4. (a) Each trustee who is not a state officer or employee is
entitled to receive reimbursement for necessary expenses actually
incurred through service on the board.
(b) Each trustee who is a state officer or employee is entitled to
reimbursement for necessary expenses actually incurred through
service on the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.25-1994,
SEC.6; P.L.62-2005, SEC.5.
IC 5-10.3-3-5 Meetings
Sec. 5. (a) The board shall hold an annual meeting each November
and regular meetings at least quarterly in each year. Special meetings
may be held as considered necessary by the board.
(b) Meetings may be held in the general office or in such other
places in the state as are designated by the board.
(c) All meetings must be open to the public. The board shall keep
a record of its proceedings. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984,
SEC.4.
IC 5-10.3-3-6 Voting; quorum
Sec. 6. Four (4) trustees constitute a quorum for the transaction of
business. Each trustee is entitled to one (1) vote on the board. A
majority vote is sufficient for adoption of a resolution or other action
at regular or special meetings. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.62-2005,
SEC.6.
IC 5-10.3-3-7 Duties
Sec. 7. The board shall do all of the following:
(1) In conjunction with the board of trustees of the Indiana state
teachers' retirement fund, appoint a director.
(2) Appoint an actuary and employ or contract with employees,
auditors, technical experts, legal counsel, and other service
providers as it considers necessary to transact the business of
the fund, without the approval of any state officer.
(3) Fix the compensation of persons:
(A) appointed or employed by the board; or
(B) who contract with the board.
(4) Establish a general office in Indianapolis for board meetings
and for administrative personnel.
(5) Provide for the installation in the general office of a
complete system of books, accounts including reserve accounts,
and records in order to give effect to all the requirements of this
article and to assure the proper operation of the fund.
(6) Provide for a report at least annually, before June 1, to each
member of the amount credited to him in the annuity savings
account in each investment program under IC 5-10.2-2.
(7) With the advice of the actuary, adopt actuarial tables and
compile data needed for actuarial studies which are necessary
for the fund's operation.
(8) Act on applications for benefits and claims of error filed by
members.
(9) Have the accounts of the fund audited annually by the state
board of accounts.
(10) Publish for the members a synopsis of the fund's condition.
(11) Adopt a budget on a calendar year or fiscal year basis that
is sufficient, as determined by the board, to perform the board's
duties and, as appropriate and reasonable, draw upon fund
assets to fund the budget.
(12) Expend money, including income from the fund's
investments, for effectuating the fund's purposes.
(13) Establish personnel programs and policies for its
employees.
(14) Submit a report of its activities each year to the governor,
the pension management oversight commission, and the budget
committee before November 1 of each year. The report under
this subdivision must set forth a complete operating and
financial statement covering its operations during the most
recent fiscal year, including information on the following:
(A) Investment performance.
(B) Investment and administrative costs as a percentage of
assets under management.
(C) Investment asset allocation strategy.
(D) Member services.
(E) Member communications.
(15) Establish a code of ethics or decide to be under the
jurisdiction and rules adopted by the state ethics commission.
(16) Cooperate with the board of trustees of the Indiana state
teachers' retirement fund to the extent practicable and feasible
in:
(A) administering and investing the assets of the funds
administered by the board; and
(B) hiring investment managers, investment advisors, and
other service providers. As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1979,
P.L.17, SEC.6; P.L.35-1985, SEC.20; P.L.5-1990, SEC.7;
P.L.119-2000, SEC.4; P.L.107-2010, SEC.2.
IC 5-10.3-3-7.1 Annual analysis of fund
Sec. 7.1. The board shall annually analyze for internal control
purposes the fund's;
(1) income and expenditures;
(2) actuarial condition;
(3) reserve accounts;
(4) investments; and
(5) such other data as necessary to interpret the fund's condition
and the board's administration of the fund. As added by Acts 1979, P.L.17, SEC.7.
IC 5-10.3-3-8 Powers
Sec. 8. (a) The board may do any of the following:
(1) Establish and amend rules and regulations:
(A) for the administration and regulation of the fund and the
board's affairs; and
(B) to effectuate the powers and purposes of the board;
without adopting a rule under IC 4-22-2.
(2) Make contracts and sue and be sued as the board of trustees
of the public employees' retirement fund of Indiana.
(3) Delegate duties to its employees.
(4) Enter into agreements with one (1) or more insurance
companies to provide life, hospitalization, surgical, medical,
dental, vision, long term care, or supplemental Medicare
insurance, utilizing individual or group insurance policies for
retired members of the fund, and, upon authorization of the
respective member, deduct premium payments for such policies
from the members' retirement benefits and remit the payments
to the insurance companies.
(5) Enter into agreements with one (1) or more insurance
companies to provide annuities for retired members of the fund,
and, upon a member's authorization, transfer the amount
credited to the member in the annuity savings account to the
insurance companies.
(6) For the 1977 police officers' and firefighters' pension and
disability fund, deduct from benefits paid and remit to the
appropriate entities amounts authorized by IC 36-8-8-17.2.
(7) Whenever the fund's membership is sufficiently large for
actuarial valuation, establish an employer's contribution rate for
all employers, including employers with special benefit
provisions for certain employees.
(8) Amortize prior service liability over a period of forty (40)
years or less.
(9) Recover payments made under false or fraudulent
representation.
(10) Exercise all powers necessary, convenient, or appropriate
to carry out and effectuate its public and corporate purposes and
to conduct its business.
(b) An agreement under subsection (a)(4) may be for a duration
of three (3) years.
(c) This subsection does not apply to investments of the board. A
contract under subsection (a)(2) may be for a term of not more than
five (5) years, with an ability to renew thereafter.
(d) The board's powers and the fund's powers specified in this
chapter shall be interpreted broadly to effectuate the purposes of this
chapter and may not be construed as a limitation of powers. As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss),
P.L.1, SEC.2; P.L.35-1985, SEC.21; P.L.43-1991, SEC.4;
P.L.22-1998, SEC.7; P.L.119-2000, SEC.5; P.L.61-2002, SEC.7;
P.L.183-2003, SEC.1.
IC 5-10.3-3-9 Director; duties
Sec. 9. (a) The director is the executive officer in charge of the
administration of the fund's detailed affairs.
(b) The director shall:
(1) maintain a record of the board's proceedings;
(2) be responsible for the safekeeping of the books and records
of the funds administered by the board;
(3) receipt for payments made to the funds administered by the
board and deposit these payments with the custodian for the
fund's account;
(4) sign vouchers for the payment of money from the funds
administered by the board as authorized by the board;
(5) execute a corporate surety bond in an amount specified by
the board, the premium on the bond to be paid by the board; and
(6) perform other duties assigned by the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988,
SEC.1; P.L.5-1990, SEC.8; P.L.115-2009, SEC.9.
IC 5-10.3-3-10 Actuary; duties
Sec. 10. The Actuary. The actuary is the technical advisor on the
operation of the fund. The actuary shall perform the duties specified
in this article and in IC 5-10.2 and all other duties assigned by the
board. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-1 Composition; appointment; vacancies
Sec. 1. (a) The board is composed of six (6) trustees.
(b) Five (5) of the trustees shall be appointed by the governor, as
follows:
(1) One (1) must be a member of the fund with at least ten (10)
years of creditable service.
(2) Not more than three (3) may be members of the same
political party.
(3) One (1) must be:
(A) a:
(i) member of the fund or retired member of the fund; or
(ii) member of a collective bargaining unit of state
employees represented by a labor organization; or
(B) an individual who is:
(i) an officer or a member of a local, a national, or an
international labor union that represents state or university
employees; and
(ii) an Indiana resident.
(c) The director of the budget agency or the director's designee is
an ex officio voting member of the board. An individual appointed
under this subsection to serve as the director's designee:
(1) is subject to the provisions of section 3 of this chapter; and
(2) serves as a permanent designee until replaced by the
director.
(d) The governor shall fill by appointment vacancies on the board
in the manner described in subsection (b).
(e) In making the appointments under subsection (b)(1) or (b)(2),
the governor may consider whether at least one (1) trustee is a retired
member of the fund under subsection (b)(3)(A)(i). As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.36-1996,
SEC.1; P.L.246-2001, SEC.9; P.L.62-2005, SEC.4.
IC 5-10.3-3-2 Term of office
Sec. 2. Term of Office. Each trustee is entitled to serve a term of
four (4) years beginning on July 1 following appointment and until
his successor is qualified. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-3 Oath of office; qualification for membership
Sec. 3. Oath of Office; Qualification for Membership. Each
trustee shall take an oath of office, which must be:
(1) subscribed to by the trustee making it;
(2) certified by the officer before whom it is taken; and
(3) filed with the secretary of state.
A trustee is qualified for membership on the board when the oath is
filed with the secretary of state. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-4 Compensation
Sec. 4. (a) Each trustee who is not a state officer or employee is
entitled to receive reimbursement for necessary expenses actually
incurred through service on the board.
(b) Each trustee who is a state officer or employee is entitled to
reimbursement for necessary expenses actually incurred through
service on the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.25-1994,
SEC.6; P.L.62-2005, SEC.5.
IC 5-10.3-3-5 Meetings
Sec. 5. (a) The board shall hold an annual meeting each November
and regular meetings at least quarterly in each year. Special meetings
may be held as considered necessary by the board.
(b) Meetings may be held in the general office or in such other
places in the state as are designated by the board.
(c) All meetings must be open to the public. The board shall keep
a record of its proceedings. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984,
SEC.4.
IC 5-10.3-3-6 Voting; quorum
Sec. 6. Four (4) trustees constitute a quorum for the transaction of
business. Each trustee is entitled to one (1) vote on the board. A
majority vote is sufficient for adoption of a resolution or other action
at regular or special meetings. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.62-2005,
SEC.6.
IC 5-10.3-3-7 Duties
Sec. 7. The board shall do all of the following:
(1) In conjunction with the board of trustees of the Indiana state
teachers' retirement fund, appoint a director.
(2) Appoint an actuary and employ or contract with employees,
auditors, technical experts, legal counsel, and other service
providers as it considers necessary to transact the business of
the fund, without the approval of any state officer.
(3) Fix the compensation of persons:
(A) appointed or employed by the board; or
(B) who contract with the board.
(4) Establish a general office in Indianapolis for board meetings
and for administrative personnel.
(5) Provide for the installation in the general office of a
complete system of books, accounts including reserve accounts,
and records in order to give effect to all the requirements of this
article and to assure the proper operation of the fund.
(6) Provide for a report at least annually, before June 1, to each
member of the amount credited to him in the annuity savings
account in each investment program under IC 5-10.2-2.
(7) With the advice of the actuary, adopt actuarial tables and
compile data needed for actuarial studies which are necessary
for the fund's operation.
(8) Act on applications for benefits and claims of error filed by
members.
(9) Have the accounts of the fund audited annually by the state
board of accounts.
(10) Publish for the members a synopsis of the fund's condition.
(11) Adopt a budget on a calendar year or fiscal year basis that
is sufficient, as determined by the board, to perform the board's
duties and, as appropriate and reasonable, draw upon fund
assets to fund the budget.
(12) Expend money, including income from the fund's
investments, for effectuating the fund's purposes.
(13) Establish personnel programs and policies for its
employees.
(14) Submit a report of its activities each year to the governor,
the pension management oversight commission, and the budget
committee before November 1 of each year. The report under
this subdivision must set forth a complete operating and
financial statement covering its operations during the most
recent fiscal year, including information on the following:
(A) Investment performance.
(B) Investment and administrative costs as a percentage of
assets under management.
(C) Investment asset allocation strategy.
(D) Member services.
(E) Member communications.
(15) Establish a code of ethics or decide to be under the
jurisdiction and rules adopted by the state ethics commission.
(16) Cooperate with the board of trustees of the Indiana state
teachers' retirement fund to the extent practicable and feasible
in:
(A) administering and investing the assets of the funds
administered by the board; and
(B) hiring investment managers, investment advisors, and
other service providers. As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1979,
P.L.17, SEC.6; P.L.35-1985, SEC.20; P.L.5-1990, SEC.7;
P.L.119-2000, SEC.4; P.L.107-2010, SEC.2.
IC 5-10.3-3-7.1 Annual analysis of fund
Sec. 7.1. The board shall annually analyze for internal control
purposes the fund's;
(1) income and expenditures;
(2) actuarial condition;
(3) reserve accounts;
(4) investments; and
(5) such other data as necessary to interpret the fund's condition
and the board's administration of the fund. As added by Acts 1979, P.L.17, SEC.7.
IC 5-10.3-3-8 Powers
Sec. 8. (a) The board may do any of the following:
(1) Establish and amend rules and regulations:
(A) for the administration and regulation of the fund and the
board's affairs; and
(B) to effectuate the powers and purposes of the board;
without adopting a rule under IC 4-22-2.
(2) Make contracts and sue and be sued as the board of trustees
of the public employees' retirement fund of Indiana.
(3) Delegate duties to its employees.
(4) Enter into agreements with one (1) or more insurance
companies to provide life, hospitalization, surgical, medical,
dental, vision, long term care, or supplemental Medicare
insurance, utilizing individual or group insurance policies for
retired members of the fund, and, upon authorization of the
respective member, deduct premium payments for such policies
from the members' retirement benefits and remit the payments
to the insurance companies.
(5) Enter into agreements with one (1) or more insurance
companies to provide annuities for retired members of the fund,
and, upon a member's authorization, transfer the amount
credited to the member in the annuity savings account to the
insurance companies.
(6) For the 1977 police officers' and firefighters' pension and
disability fund, deduct from benefits paid and remit to the
appropriate entities amounts authorized by IC 36-8-8-17.2.
(7) Whenever the fund's membership is sufficiently large for
actuarial valuation, establish an employer's contribution rate for
all employers, including employers with special benefit
provisions for certain employees.
(8) Amortize prior service liability over a period of forty (40)
years or less.
(9) Recover payments made under false or fraudulent
representation.
(10) Exercise all powers necessary, convenient, or appropriate
to carry out and effectuate its public and corporate purposes and
to conduct its business.
(b) An agreement under subsection (a)(4) may be for a duration
of three (3) years.
(c) This subsection does not apply to investments of the board. A
contract under subsection (a)(2) may be for a term of not more than
five (5) years, with an ability to renew thereafter.
(d) The board's powers and the fund's powers specified in this
chapter shall be interpreted broadly to effectuate the purposes of this
chapter and may not be construed as a limitation of powers. As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss),
P.L.1, SEC.2; P.L.35-1985, SEC.21; P.L.43-1991, SEC.4;
P.L.22-1998, SEC.7; P.L.119-2000, SEC.5; P.L.61-2002, SEC.7;
P.L.183-2003, SEC.1.
IC 5-10.3-3-9 Director; duties
Sec. 9. (a) The director is the executive officer in charge of the
administration of the fund's detailed affairs.
(b) The director shall:
(1) maintain a record of the board's proceedings;
(2) be responsible for the safekeeping of the books and records
of the funds administered by the board;
(3) receipt for payments made to the funds administered by the
board and deposit these payments with the custodian for the
fund's account;
(4) sign vouchers for the payment of money from the funds
administered by the board as authorized by the board;
(5) execute a corporate surety bond in an amount specified by
the board, the premium on the bond to be paid by the board; and
(6) perform other duties assigned by the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988,
SEC.1; P.L.5-1990, SEC.8; P.L.115-2009, SEC.9.
IC 5-10.3-3-10 Actuary; duties
Sec. 10. The Actuary. The actuary is the technical advisor on the
operation of the fund. The actuary shall perform the duties specified
in this article and in IC 5-10.2 and all other duties assigned by the
board. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-1 Composition; appointment; vacancies
Sec. 1. (a) The board is composed of six (6) trustees.
(b) Five (5) of the trustees shall be appointed by the governor, as
follows:
(1) One (1) must be a member of the fund with at least ten (10)
years of creditable service.
(2) Not more than three (3) may be members of the same
political party.
(3) One (1) must be:
(A) a:
(i) member of the fund or retired member of the fund; or
(ii) member of a collective bargaining unit of state
employees represented by a labor organization; or
(B) an individual who is:
(i) an officer or a member of a local, a national, or an
international labor union that represents state or university
employees; and
(ii) an Indiana resident.
(c) The director of the budget agency or the director's designee is
an ex officio voting member of the board. An individual appointed
under this subsection to serve as the director's designee:
(1) is subject to the provisions of section 3 of this chapter; and
(2) serves as a permanent designee until replaced by the
director.
(d) The governor shall fill by appointment vacancies on the board
in the manner described in subsection (b).
(e) In making the appointments under subsection (b)(1) or (b)(2),
the governor may consider whether at least one (1) trustee is a retired
member of the fund under subsection (b)(3)(A)(i). As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.36-1996,
SEC.1; P.L.246-2001, SEC.9; P.L.62-2005, SEC.4.
IC 5-10.3-3-2 Term of office
Sec. 2. Term of Office. Each trustee is entitled to serve a term of
four (4) years beginning on July 1 following appointment and until
his successor is qualified. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-3 Oath of office; qualification for membership
Sec. 3. Oath of Office; Qualification for Membership. Each
trustee shall take an oath of office, which must be:
(1) subscribed to by the trustee making it;
(2) certified by the officer before whom it is taken; and
(3) filed with the secretary of state.
A trustee is qualified for membership on the board when the oath is
filed with the secretary of state. As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-3-4 Compensation
Sec. 4. (a) Each trustee who is not a state officer or employee is
entitled to receive reimbursement for necessary expenses actually
incurred through service on the board.
(b) Each trustee who is a state officer or employee is entitled to
reimbursement for necessary expenses actually incurred through
service on the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.25-1994,
SEC.6; P.L.62-2005, SEC.5.
IC 5-10.3-3-5 Meetings
Sec. 5. (a) The board shall hold an annual meeting each November
and regular meetings at least quarterly in each year. Special meetings
may be held as considered necessary by the board.
(b) Meetings may be held in the general office or in such other
places in the state as are designated by the board.
(c) All meetings must be open to the public. The board shall keep
a record of its proceedings. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984,
SEC.4.
IC 5-10.3-3-6 Voting; quorum
Sec. 6. Four (4) trustees constitute a quorum for the transaction of
business. Each trustee is entitled to one (1) vote on the board. A
majority vote is sufficient for adoption of a resolution or other action
at regular or special meetings. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.62-2005,
SEC.6.
IC 5-10.3-3-7 Duties
Sec. 7. The board shall do all of the following:
(1) In conjunction with the board of trustees of the Indiana state
teachers' retirement fund, appoint a director.
(2) Appoint an actuary and employ or contract with employees,
auditors, technical experts, legal counsel, and other service
providers as it considers necessary to transact the business of
the fund, without the approval of any state officer.
(3) Fix the compensation of persons:
(A) appointed or employed by the board; or
(B) who contract with the board.
(4) Establish a general office in Indianapolis for board meetings
and for administrative personnel.
(5) Provide for the installation in the general office of a
complete system of books, accounts including reserve accounts,
and records in order to give effect to all the requirements of this
article and to assure the proper operation of the fund.
(6) Provide for a report at least annually, before June 1, to each
member of the amount credited to him in the annuity savings
account in each investment program under IC 5-10.2-2.
(7) With the advice of the actuary, adopt actuarial tables and
compile data needed for actuarial studies which are necessary
for the fund's operation.
(8) Act on applications for benefits and claims of error filed by
members.
(9) Have the accounts of the fund audited annually by the state
board of accounts.
(10) Publish for the members a synopsis of the fund's condition.
(11) Adopt a budget on a calendar year or fiscal year basis that
is sufficient, as determined by the board, to perform the board's
duties and, as appropriate and reasonable, draw upon fund
assets to fund the budget.
(12) Expend money, including income from the fund's
investments, for effectuating the fund's purposes.
(13) Establish personnel programs and policies for its
employees.
(14) Submit a report of its activities each year to the governor,
the pension management oversight commission, and the budget
committee before November 1 of each year. The report under
this subdivision must set forth a complete operating and
financial statement covering its operations during the most
recent fiscal year, including information on the following:
(A) Investment performance.
(B) Investment and administrative costs as a percentage of
assets under management.
(C) Investment asset allocation strategy.
(D) Member services.
(E) Member communications.
(15) Establish a code of ethics or decide to be under the
jurisdiction and rules adopted by the state ethics commission.
(16) Cooperate with the board of trustees of the Indiana state
teachers' retirement fund to the extent practicable and feasible
in:
(A) administering and investing the assets of the funds
administered by the board; and
(B) hiring investment managers, investment advisors, and
other service providers. As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1979,
P.L.17, SEC.6; P.L.35-1985, SEC.20; P.L.5-1990, SEC.7;
P.L.119-2000, SEC.4; P.L.107-2010, SEC.2.
IC 5-10.3-3-7.1 Annual analysis of fund
Sec. 7.1. The board shall annually analyze for internal control
purposes the fund's;
(1) income and expenditures;
(2) actuarial condition;
(3) reserve accounts;
(4) investments; and
(5) such other data as necessary to interpret the fund's condition
and the board's administration of the fund. As added by Acts 1979, P.L.17, SEC.7.
IC 5-10.3-3-8 Powers
Sec. 8. (a) The board may do any of the following:
(1) Establish and amend rules and regulations:
(A) for the administration and regulation of the fund and the
board's affairs; and
(B) to effectuate the powers and purposes of the board;
without adopting a rule under IC 4-22-2.
(2) Make contracts and sue and be sued as the board of trustees
of the public employees' retirement fund of Indiana.
(3) Delegate duties to its employees.
(4) Enter into agreements with one (1) or more insurance
companies to provide life, hospitalization, surgical, medical,
dental, vision, long term care, or supplemental Medicare
insurance, utilizing individual or group insurance policies for
retired members of the fund, and, upon authorization of the
respective member, deduct premium payments for such policies
from the members' retirement benefits and remit the payments
to the insurance companies.
(5) Enter into agreements with one (1) or more insurance
companies to provide annuities for retired members of the fund,
and, upon a member's authorization, transfer the amount
credited to the member in the annuity savings account to the
insurance companies.
(6) For the 1977 police officers' and firefighters' pension and
disability fund, deduct from benefits paid and remit to the
appropriate entities amounts authorized by IC 36-8-8-17.2.
(7) Whenever the fund's membership is sufficiently large for
actuarial valuation, establish an employer's contribution rate for
all employers, including employers with special benefit
provisions for certain employees.
(8) Amortize prior service liability over a period of forty (40)
years or less.
(9) Recover payments made under false or fraudulent
representation.
(10) Exercise all powers necessary, convenient, or appropriate
to carry out and effectuate its public and corporate purposes and
to conduct its business.
(b) An agreement under subsection (a)(4) may be for a duration
of three (3) years.
(c) This subsection does not apply to investments of the board. A
contract under subsection (a)(2) may be for a term of not more than
five (5) years, with an ability to renew thereafter.
(d) The board's powers and the fund's powers specified in this
chapter shall be interpreted broadly to effectuate the purposes of this
chapter and may not be construed as a limitation of powers. As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss),
P.L.1, SEC.2; P.L.35-1985, SEC.21; P.L.43-1991, SEC.4;
P.L.22-1998, SEC.7; P.L.119-2000, SEC.5; P.L.61-2002, SEC.7;
P.L.183-2003, SEC.1.
IC 5-10.3-3-9 Director; duties
Sec. 9. (a) The director is the executive officer in charge of the
administration of the fund's detailed affairs.
(b) The director shall:
(1) maintain a record of the board's proceedings;
(2) be responsible for the safekeeping of the books and records
of the funds administered by the board;
(3) receipt for payments made to the funds administered by the
board and deposit these payments with the custodian for the
fund's account;
(4) sign vouchers for the payment of money from the funds
administered by the board as authorized by the board;
(5) execute a corporate surety bond in an amount specified by
the board, the premium on the bond to be paid by the board; and
(6) perform other duties assigned by the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988,
SEC.1; P.L.5-1990, SEC.8; P.L.115-2009, SEC.9.
IC 5-10.3-3-10 Actuary; duties
Sec. 10. The Actuary. The actuary is the technical advisor on the
operation of the fund. The actuary shall perform the duties specified
in this article and in IC 5-10.2 and all other duties assigned by the
board. As added by Acts 1977, P.L.53, SEC.3.
