2013 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 10.3. THE PUBLIC EMPLOYEES' RETIREMENT FUND
CHAPTER 2. THE PUBLIC EMPLOYEES' RETIREMENT FUND
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IC 5-10.3-2
Chapter 2. The Public Employees' Retirement Fund
IC 5-10.3-2-0.3
Legalization of payment of certain benefits
Sec. 0.3. If before June 1, 1985, the board approved a member's
choice of retirement date that preceded the member's application for
benefits, payments made as a result of the choice of retirement date
are legalized.
As added by P.L.220-2011, SEC.77.
IC 5-10.3-2-0.4
Validation of certain board actions
Sec. 0.4. (a) If the board, the state, or a political subdivision
denied, after December 31, 1986, an employee of the state or the
political subdivision who was sixty (60) years of age or older the
option not to join the fund, the denial is validated.
(b) Actions taken by the board before March 5, 1988, that would
have been valid under IC 5-10.3-7-3(a), as amended by P.L.46-1988,
are validated.
As added by P.L.220-2011, SEC.78.
IC 5-10.3-2-1
Establishment and administration of fund
Sec. 1. (a) The public employees' retirement fund of Indiana,
referred to as the fund, is established to pay benefits to officers and
employees of the state and its political subdivisions after specified
years of service and under other specified circumstances. The
purpose of the fund is to promote economy and efficiency in the
administration of state and local government by providing an orderly
way for members to be retired without prejudice and without
inflicting hardship on the retired member.
(b) The fund is a trust. The board of trustees of the Indiana public
retirement system shall administer the fund and implement this
article, without the supervision of the department of insurance.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011,
SEC.15.
IC 5-10.3-2-2
Interests in fund
Sec. 2. No individual, group of persons, or entity has a right to
any specific security, property, or cash other than an undivided
interest 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 specified
in this article, the payments to the fund by the state or the
participating political subdivisions, the payment of all benefits, the
payment of interest credits, and the payment of administration
expenses are obligations of the state and the participating political
subdivisions. However, this obligation is not a guarantee that the
amount credited to a member in the annuity savings account will not
vary in value as a result of the performance of the investment
program selected by the member under IC 5-10.2-2, unless the
member selected the guaranteed program, in which case the
obligation is such a guarantee.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.35-1985,
SEC.19.
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