Bill Text: IN HB1205 | 2010 | Regular Session | Enrolled
Bill Title: PERF and TRF matters.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2010-03-25 - Sections 7 through 8 effective 03/24/2010 [HB1205 Detail]
Download: Indiana-2010-HB1205-Enrolled.html
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
AN ACT to amend the Indiana Code concerning pensions.
(b) The board of trustees of the public employees' retirement fund and the board of trustees of the Indiana state teachers' retirement fund shall fix the compensation of the director. Each fund shall pay fifty percent (50%) of the director's compensation.
(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.
(1) appoint a director;
(2) fix the salary of the director.
(b) The director shall perform all of the following:
(1)
(2)
(3)
(b) The board shall do all the following:
(1) Act on an application for benefits.
(2) Provide the necessary forms for administering the fund.
(3) Establish records and accounts, which:
(A) provide the necessary information for an actuary's examination; and
(B) are sanctioned by the state board of accounts.
(4) Maintain individual records for each member containing the member's:
(A) name;
(B) date of birth;
(C) age at beginning service;
(D) service record;
(E) address;
(F) contributions to the fund;
(G) amounts withdrawn; and
(H) benefits paid;
and other items considered necessary.
(5) 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.
(6) Make rules as required to administer the fund.
(7) Publish a summary of the fund's condition.
(8) Provide for a report for each member, at least annually before
June 1, of the value of the amount credited to the member in the
annuity savings account in each investment program under
IC 5-10.2-2.
(9) 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.
(10) Appoint an actuary.
(11) With the advice of the actuary, adopt actuarial tables and
compile data needed for actuarial studies necessary for the fund's
operation.
(12) 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.
(13) Expend money, including income from the fund's
investments, for effectuating the fund's purposes.
(14) Establish personnel programs and policies for the employees
of the board.
(15) Submit a report of the board's activities to the governor, the
pension management oversight commission, and the budget
committee before November 1 of each year. The report under this
subdivision shall set forth a complete operating and financial
statement covering the board's 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.
(16) Establish a code of ethics or decide to be under the
jurisdiction and rules adopted by the state ethics commission.
(17) Cooperate with the board of trustees of the public
employees' retirement fund to the extent practicable and
feasible in:
(A) administering and investing the assets of the fund; and
(B) hiring investment managers, investment advisors, and
other service providers.
(b) Not later than October 1, 2010, the fund shall pay the amount determined under subsection (c) to a member of the fund (or to a survivor or beneficiary of a member) who retired or was disabled on or before December 1, 2009, and who is entitled to receive a monthly benefit on July 1, 2010. The amount is not an increase in the pension portion of the monthly benefit.
(c) The amount paid under this SECTION to a member of the fund (or to a survivor or beneficiary of a member) who meets the requirements of subsection (b) is determined as follows:
If a Member's Creditable The Amount Is:
Service Is:
At least 5 years, but less than 10 years $125
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $235
At least 20 years, but less than 30 years $325
At least 30 years $400
(d) The creditable service used to determine the amount paid to a member (or a survivor or beneficiary of a member) under this SECTION is the creditable service that was used to compute the member's retirement benefit under IC 5-10.2-4-4 except that partial years of creditable service may not be used to determine the amount paid under this SECTION.
(e) This SECTION expires January 1, 2011.
(b) Not later than October 1, 2010, the fund shall pay the amount determined under subsection (c) to a member of the fund (or to a survivor or beneficiary of a member) who retired or was disabled on or before December 1, 2009, and who is entitled to receive a monthly benefit on July 1, 2010. The amount is not an increase in the pension portion of the monthly benefit.
(c) The amount paid under this SECTION to a member of the
fund (or to a survivor or beneficiary of a member) who meets the
requirements of subsection (b) is determined as follows:
If a Member's Creditable The Amount Is:
Service Is:
At least 5 years, but less than 10 years $125
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $235
At least 20 years, but less than 30 years $325
At least 30 years $400
(d) The creditable service used to determine the amount paid to
a member (or a survivor or beneficiary of a member) under this
SECTION is the creditable service that was used to compute the
member's retirement benefit under IC 5-10.2-4-4 except that
partial years of creditable service may not be used to determine the
amount paid under this SECTION.
(e) This SECTION expires January 1, 2011.
(b) As used in this SECTION, "trust fund" has the meaning set forth in IC 10-12-1-11.
(c) Not later than July 1, 2010, the trustee shall pay from the trust fund to each employee beneficiary of the state police 1987 benefit system covered by IC 10-12-4 who:
(1) retired or was disabled after June 30, 1987, and before July 2, 2008; and
(2) is entitled to receive a monthly benefit as of June 1, 2010;
an amount equal to one percent (1%) of the maximum basic annual pension amount payable to a retired state police employee in the grade of trooper who has completed twenty-five (25) years of service as of July 1, 2009, as calculated under IC 10-12-4-7.
(d) The amount paid under this SECTION is not an increase in the monthly pension amount of an employee beneficiary.
(e) This SECTION expires June 30, 2011.
(b) Not later than July 1, 2010, the board of trustees of the public employees' retirement fund and the board of trustees of the Indiana state teachers' retirement fund shall appoint the initial common director for the fund under IC 5-10.2-2-19, as added by this act.
(c) This SECTION expires December 31, 2010.
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