Sec. 1. (a) The Indiana state teachers’ retirement fund is established to be used to pay benefits to teachers and to supervisors of teachers in the public schools after specified years of service and under other specified circumstances. (b) The board is responsible for the control and management of the fund. [Pre-2006 Education Finance Recodification […]
Sec. 2. (a) The board shall segregate the fund into the following accounts: (1) The pre-1996 account. (2) The 1996 account. (b) The board shall segregate each of the accounts established under subsection (a) into the following subaccounts: (1) The annuity savings account. (2) The retirement allowance account. (c) Except as provided in subsection (d), […]
Sec. 2.5. The board shall adjust the employer contribution rate for the Indiana state teachers’ retirement fund to take into account any actuarial savings resulting from the amendment to IC 21-6.1-2-2 (before its repeal, now codified at section 2 of this chapter) by P.L.291-2001. As added by P.L.220-2011, SEC.86.
Sec. 3. (a) The board shall: (1) prorate the expenses of administration of the fund between the retirement allowance accounts; and (2) pay the prorated expenses from those accounts. (b) The board shall pay the expenses for the administration of the system as provided in IC 5-10.5-6-5. [Pre-2006 Education Finance Recodification Citation: 21-6.1-2-4.] As added […]
Sec. 4. (a) The general assembly shall appropriate an amount from the state general fund that is sufficient to cover the state’s actuarial liability for each member covered by the pre-1996 account and for each state employee covered by the 1996 account. The board may reduce this liability by the amount of interest earned on […]
Sec. 5. (a) The pension stabilization fund is established. The pension stabilization fund is a part of the pre-1996 account and shall be administered by the board in accordance with the powers and duties granted to the board by IC 5-10.4-3-10 through IC 5-10.4-3-14, IC 5-10.5-4, and IC 5-10.5-6. (b) The following shall be deposited […]
Sec. 5.5. The board shall allocate from the pension stabilization fund (IC 21-6.1-2-8, before its repeal, now codified at section 5 of this chapter) to the fund’s 1996 account an amount equal to the unfunded liability for individuals who were members of the fund’s pre-1996 account before July 1, 1995, (and survivors and beneficiaries of […]
Sec. 6. The board shall do the following: (1) Credit interest to the members’ annuity savings accounts in the guaranteed fund (before January 1, 2017), actual earnings to the stable value fund (after December 31, 2016), and actual earnings to the alternative investment programs. (2) After complying with subdivision (1), distribute any remaining undistributed income […]
