2012 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 10.5. INDIANA PUBLIC PENSION MODERNIZATION ACT
CHAPTER 3. BOARD OF TRUSTEES

IC 5-10.5-3
Chapter 3. Board of Trustees

IC 5-10.5-3-1
Board established; purpose
Sec. 1. (a) The board of trustees of the Indiana public retirement system is established.
(b) The board shall manage and administer each public pension or retirement fund that comprises the system in accordance with:
(1) this article; and
(2) the retirement law applicable to the public pension or retirement fund.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-2
Composition; appointment; vacancies; trustee education; education expense reimbursement
Sec. 2. (a) The board is composed of nine (9) trustees appointed by the governor as follows:
(1) At least one (1) trustee must have experience in economics, finance, or investments.
(2) At least one (1) trustee must have experience in executive management or benefits administration.
(3) The director of the budget agency or the budget agency director's designee serving as an ex officio voting member of the board. An individual appointed under this subdivision to serve as the budget agency director's designee:
(A) is subject to section 5 of this chapter; and
(B) serves as a permanent designee until replaced by the budget agency director.
(4) Two (2) trustees nominated by the speaker of the house of representatives as follows:
(A) One (1) must be an active or retired police officer or firefighter who is a member of the 1977 police officers' and firefighters' pension and disability fund.
(B) One (1) must be a member of the teachers' retirement fund with at least ten (10) years of creditable service.
(5) Two (2) trustees nominated by the president pro tempore of the senate as follows:
(A) One (1) must be a member of the public employees' retirement fund with at least ten (10) years of creditable service.
(B) One (1) must be a member of the teachers' retirement fund with at least ten (10) years of creditable service.
(6) One (1) trustee nominated by the auditor of state. The individual nominated under this subdivision may be the auditor of state or another individual who has experience in professional financial accounting or actuarial science.
(7) One (1) trustee nominated by the treasurer of state. The individual nominated under this subdivision may be the

treasurer of state or another individual who has experience in economics, finance, or investments.
(b) If a vacancy on the board occurs, the governor shall, not later than forty-five (45) days after the date the vacancy occurs, appoint an individual to fill the vacancy using the criteria in subsection (a).
(c) During the first year after an individual's initial appointment as a trustee and each year thereafter during which the individual serves as a trustee, the individual is strongly encouraged to complete at least twelve (12) hours of trustee education, at least two (2) hours in each of the following areas:
(1) Fiduciary duties and responsibilities of a trustee.
(2) Ethics.
(3) Governance process and procedures.
(4) Retirement plan design and administration.
(5) Investments.
(6) Actuarial principles and methods.
(d) Subject to the director's approval, each trustee is entitled to reimbursement for reasonable expenses actually incurred in fulfilling the educational requirements under subsection (c). The director shall give a preference for reimbursement for in-state training that meets the requirements under subsection (c), if in-state training is available.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-3
Term of office
Sec. 3. (a) A trustee shall serve a term of four (4) years, beginning on July 1 following the trustee's appointment.
(b) Whenever a trustee is appointed to fill a vacancy caused by death or resignation, the trustee shall serve the unexpired term of the trustee's predecessor.
(c) A trustee shall serve until the trustee's successor is appointed and qualified.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-4
Initial board appointments; term of office
Sec. 4. (a) In making the initial appointments to the board under section 2(a) of this chapter, the governor shall do the following:
(1) Appoint individuals to the initial terms of office under section 2 of this chapter not later than July 15, 2011.
(2) In making appointments under subdivision (1), give a preference for appointment, consistent with the criteria in section 2(a) of this chapter, to those individuals who, on June 30, 2011, are serving as trustees of the public employees' retirement fund and the teachers' retirement fund.
(b) A trustee appointed under subsection (a)(2) shall serve until the trustee's term would have expired under IC 5-10.3-3-2 (repealed) and IC 5-10.4-3-2 (repealed).
(c) The initial terms of office for the individuals appointed under subsection (a) begin July 1, 2011. (d) This section expires January 1, 2016.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-5
Oath of office; qualification for membership
Sec. 5. (a) Each trustee shall take an oath of office. The oath must be:
(1) subscribed to by the trustee making the oath;
(2) certified by the officer before whom the trustee takes the oath; and
(3) filed with the secretary of state.
(b) A trustee is qualified for membership on the board when the trustee's oath is filed with the secretary of state.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-6
Expense reimbursement
Sec. 6. (a) Each trustee is entitled to reimbursement for necessary expenses actually incurred through service on the board.
(b) Trustee expenses shall be paid from fund assets.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-7
Officers; election; term of office
Sec. 7. (a) Not later than June 30 each year, the board shall elect a chair and vice chair from its members to serve as the officers of the board.
(b) An officer shall serve for one (1) year or until the officer's successor is elected and qualified.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-8
Meetings; open to the public; record of proceedings
Sec. 8. (a) The board shall hold regular meetings at least quarterly.
(b) The board may hold special meetings:
(1) at the call of the chair; or
(2) with a written request signed by at least five (5) trustees.
(c) The board may hold its meetings at the system's general offices or at any other place in Indiana that the board designates.
(d) All meetings must be open to the public in accordance with IC 5-14-1.5.
(e) The board shall keep a record of its proceedings.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-9 Version a
Meetings; communication alternatives; memorandum
Note: This version of section effective until 1-1-2013. See also following repeal of this section, effective 1-1-2013.
Sec. 9. (a) This section applies to any meeting of the board. (b) A member of the board may participate in a meeting of the board using any means of communication that permits:
(1) all other board members participating in the meeting; and
(2) all members of the public physically present at the place where the meeting is conducted;
to simultaneously communicate with the member during the meeting.
(c) A member of the board who participates in a meeting under subsection (b) is considered to be present at the meeting.
(d) The memorandum of the meeting prepared under IC 5-14-1.5-4 must also state the name of each member who:
(1) was physically present at the place where the meeting was conducted;
(2) participated in the meeting using a means of communication described in subsection (b); or
(3) was absent.
As added by P.L.23-2011, SEC.22.

IC 5-10.5-3-9 Version b
Repealed
(Repealed by P.L.134-2012, SEC.7.)
Note: This repeal of section effective 1-1-2013. See also preceding version of this section, effective until 1-1-2013.

IC 5-10.5-3-10
Voting; quorum
Sec. 10. (a) Five (5) trustees constitute a quorum for the transaction of business.
(b) Each trustee is entitled to one (1) vote.
(c) A majority vote of the trustees present is required for the board to adopt a resolution or take other action at a regular or special meeting.
As added by P.L.23-2011, SEC.22.