Sec. 17. (a) The death benefit, the disability benefit, and the dependents’ pension may be operated as one (1) fund, known as the police benefit fund, under the terms of a supplementary trust agreement between the department and the trustee for the exclusive benefit of employee beneficiaries and their dependents.

     (b) The trustee receives and holds as trustee for the uses and purposes set out in the supplementary trust agreement all money paid to it as trustee by the department or by other persons.

Terms Used In Indiana Code 36-8-10-17

  • Department: refers to the sheriff's department of a county. See Indiana Code 36-8-10-2
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Pension engineers: means technical consultants qualified to supervise and assist in the establishment, maintenance, and operation of a pension trust on an actuarially sound basis. See Indiana Code 36-8-10-2
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: refers to the trustee of the pension trust, who may be one (1) or more corporate trustees or the treasurer of the county serving under bond. See Indiana Code 36-8-10-2
     (c) The trustee may, under the terms of the supplementary trust agreement, pay the necessary premiums for insurance, pay benefits, or pay both as provided by this chapter.

     (d) The trustee shall hold, invest, and reinvest the police benefit fund in investments that are permitted by statute for the investment of trust funds and other investments that are specifically designated in the supplementary trust agreement.

     (e) Within ninety (90) days after the close of the fiscal year, the trustee, with the assistance of the pension engineers, shall prepare and file with the department a detailed annual report showing receipts, disbursements, and case histories, and making recommendations regarding the necessary contributions required to keep the program in operation. Contributions by the department shall be provided in the general appropriations to the department. However, these contributions are not required for plans established or modifications adopted after June 30, 1989, under sections 14 through 16 of this chapter unless the establishment or modification is approved by the county fiscal body.

[Pre-Local Government Recodification Citation: 17-3-14-15.]

As added by Acts 1981, P.L.309, SEC.61. Amended by P.L.313-1989, SEC.8; P.L.146-2015, SEC.38.

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