2011 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 10.5. INDIANA PUBLIC PENSION MODERNIZATION ACT
CHAPTER 4. BOARD POWERS AND DUTIES

IC 5-10.5-4
Chapter 4. Board Powers and Duties

IC 5-10.5-4-1
Duties
Sec. 1. The board shall do all of the following:
(1) Appoint and fix the salary of a director.
(2) Employ or contract with employees, auditors, technical experts, legal counsel, and other service providers as the board considers necessary to transact the business of the fund without the approval of any state officer, and fix the compensation of those persons.
(3) Establish a general office in Indianapolis for board meetings and for administrative personnel.
(4) Provide for the installation in the general office of a complete system of:
(A) books;
(B) accounts, including reserve accounts; and
(C) records;
to give effect to all the requirements of this article and to ensure the proper operation of the fund.
(5) Provide for a report at least annually to each member of the amount credited to the member in the annuity savings account in each investment program under IC 5-10.2-2.
(6) With the advice of the actuary, adopt actuarial tables and compile data needed for actuarial studies that are necessary for the fund's operation.
(7) Act on applications for benefits and claims of error filed by members.
(8) Have the accounts of the fund audited annually by the state board of accounts, and if the board determines that it is advisable, have the operation of a public pension or retirement fund of the system audited by a certified public accountant.
(9) Publish for the members a synopsis of the fund's condition.
(10) 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.
(11) Expend money, including income from the fund's investments, for effectuating the fund's purposes.
(12) Establish personnel programs and policies for the employees of the system.
(13) Submit a financial report before November 1 each year to the governor, the pension management oversight commission, and the budget committee. The report under this subdivision must set forth a complete operating and financial statement covering its operations during the most recent fiscal year, and include any other information requested by the chair of the pension management oversight commission. The report must be submitted to the pension management oversight commission in

an electronic format pursuant to IC 5-14-6.
(14) Provide the necessary forms for administering the fund.
(15) Submit to the auditor of state or the treasurer of state vouchers or reports necessary to claim an amount due from the state to the system.
As added by P.L.23-2011, SEC.22. Amended by P.L.177-2011, SEC.1.

IC 5-10.5-4-2
Powers
Sec. 2. (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 Indiana public retirement system.
(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) Give bond for an employee for the fund's protection.
(11) Receive the state's share of the cost of the pension contribution from the federal government for a member on leave of absence in order to work in a federally supported educational project.
(12) Summon and examine witnesses when adjusting claims.
(13) When adjusting disability claims, require medical

examinations by doctors approved or appointed by the board. Not more than two (2) examinations may be conducted in one (1) year.
(14) Conduct investigations to help determine the merit of a claim.
(15) Meet an emergency that may arise in the administration of the board's trust.
(16) Determine other matters regarding the board's trust that are not specified.
(17) Exercise all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes and to conduct its business.
(b) 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.
(c) An agreement under subsection (a)(4) may be for a duration of three (3) years.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-4-3
Powers to be interpreted broadly
Sec. 3. The board's powers as specified in this article or the retirement law applicable to a public pension or retirement fund of the system:
(1) shall be interpreted broadly to accomplish the purposes of this article or the applicable retirement law; and
(2) may not be construed as a limitation of powers.
As added by P.L.23-2011, SEC.22.