CHAPTER 2. THE PUBLIC EMPLOYEES' RETIREMENT FUND
IC 5-10.3-2
Chapter 2. The Public Employees' Retirement Fund
IC 5-10.3-2-1
Establishment and administration of fund
Sec. 1. Establishment of Fund and Board. (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 public
employees' retirement fund, referred to as the board, 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.
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.