Indiana Code 5-10.5-4-1. Duties
(1) Appoint and fix the salary of a director.
Terms Used In Indiana Code 5-10.5-4-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Oversight: Committee review of the activities of a Federal agency or program.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(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 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 interim study committee on pension management oversight established by IC 2-5-1.3-4 in an electronic format under IC 5-14-6, 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 interim study committee on pension management oversight established by IC 2-5-1.3-4 in an electronic format under 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.
(16) Provide education to employers and members regarding retirement benefit options of all applicable public pension and retirement funds of the system.
(17) Allocate:
(A) first, to the pension stabilization fund (established by IC 5-10.4-2-5); and
(B) second, to one (1) or more of the following supplemental allowance reserve accounts amounts transferred to the system under IC 4-30-16-3:
(i) IC 2-3.5-3-2(c) (for the legislators’ defined benefit plan).
(ii) IC 5-10-5.5-4(c) (for the state excise police, gaming agent, gaming control officer, and conservation enforcement officers’ retirement plan).
(iii) IC 5-10.2-2-2(a)(3) (for the public employees’ retirement fund).
(iv) IC 5-10.2-2-2(c)(3) (for the Indiana state teachers’ retirement fund).
As added by P.L.23-2011, SEC.22. Amended by P.L.177-2011, SEC.1; P.L.53-2014, SEC.64; P.L.181-2015, SEC.9; P.L.217-2017, SEC.60; P.L.127-2018, SEC.12.