Indiana Code 5-10.5-4-2. Powers
(1) Establish and amend rules and regulations:
Terms Used In Indiana Code 5-10.5-4-2
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(B) to effectuate the powers and purposes of the board;
without adopting a rule under IC 4-22-2.
(2) Make contracts and sue and be sued as the board of trustees of the Indiana public retirement system.
(3) Delegate duties to its employees.
(4) Enter into agreements with one (1) or more insurance companies to provide life, hospitalization, surgical, medical, dental, vision, long term care, or supplemental Medicare insurance, utilizing individual or group insurance policies for retired members of the fund, and, upon authorization of the respective member, deduct premium payments for such policies from the members’ retirement benefits and remit the payments to the insurance companies.
(5) Enter into agreements with one (1) or more insurance companies to provide annuities for retired members of the fund, and, upon a member’s authorization, transfer the amount credited to the member in the annuity savings account to the insurance companies.
(6) For the 1977 police officers’ and firefighters’ pension and disability fund, deduct from benefits paid and remit to the appropriate entities amounts authorized by IC 36-8-8-17.2.
(7) Whenever the fund’s membership is sufficiently large for actuarial valuation, establish an employer’s contribution rate for all employers, including employers with special benefit provisions for certain employees.
(8) Amortize prior service liability over a period of thirty (30) years or less.
(9) Recover payments made under false or fraudulent representation.
(10) Give bond for an employee for the fund’s protection.
(11) Receive the state’s share of the cost of the pension contribution from the federal government for a member on leave of absence in order to work in a federally supported educational project.
(12) Summon and examine witnesses when adjusting claims.
(13) When adjusting disability claims, require medical examinations by doctors approved or appointed by the board. Not more than two (2) examinations may be conducted in one (1) year.
(14) Conduct investigations to help determine the merit of a claim.
(15) Meet an emergency that may arise in the administration of the board’s trust.
(16) Determine other matters regarding the board’s trust that are not specified.
(17) Exercise all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes and to conduct its business.
(b) This subsection does not apply to investments of the board. A contract under subsection (a)(2) may be for a term of not more than five (5) years, with an ability to renew thereafter.
(c) An agreement under subsection (a)(4) may be for a duration of three (3) years.
As added by P.L.23-2011, SEC.22. Amended by P.L.111-2015, SEC.5.