CHAPTER 9. ADMINISTRATION OF OTHER RETIREMENT PLANS
IC 5-10.3-9
Chapter 9. Administration of Other Retirement Plans
IC 5-10.3-9-1
Petitions; requisites
Sec. 1. Petition for Administration. (a) The members of a
retirement system, other than the Indiana state teachers' retirement
fund, may petition the board to assume the administration of their
retirement system if:
(1) the system was in existence on March 31, 1947; and
(2) the system is maintained by the state or a political
subdivision.
(b) The petition must be signed by at least sixty percent (60%) of
the members of the retirement system and must be approved by the
employer of the members and the trustees or administrator of the
system.
As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-9-2
Actuarial investigation; audit of accounts
Sec. 2. Actuarial Investigation and Audit of Accounts. After the
board receives the petition:
(1) the actuary shall determine the actuarial soundness of the
retirement system; and
(2) the state board of accounts shall audit the records and
accounts of the retirement system.
As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-9-3
Administration by board
Sec. 3. Administration by the Board. After reviewing the actuarial
investigation and audit, the board may choose to administer the plan
as a trustee in compliance with the law which created the plan.
As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-9-4
Advisory board
Sec. 4. Advisory Board. The board of trustees or administrators
of the retirement system shall act as advisors to the fund's director.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.5-1990,
SEC.11.
IC 5-10.3-9-5
Repealed
(Repealed by P.L.115-2009, SEC.21.)
IC 5-10.3-9-6
Investments
Sec. 6. Investments. All investments made after the transfer shall
be made by the board.
As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-9-7
Separate records
Sec. 7. Separate Records. The board shall keep separate detailed
records of the general or annuitant's reserve of each retirement
system which it administers.
As added by Acts 1977, P.L.53, SEC.3.
IC 5-10.3-9-8
Limited liability
Sec. 8. Limited Liability. The liabilities of a retirement system
which is administered by the board are not liabilities of the fund,
except as provided for in the agreement between the retirement
system and the board.
As added by Acts 1977, P.L.53, SEC.3.