5-10.5-2-1. System Established

Sec. 1. On July 1, 2011, the Indiana public retirement system is established. As added by P.L.23-2011, SEC.22.

5-10.5-2-2. Funds Comprising the System

Sec. 2. The system consists of the following public pension or retirement funds: (1) The public employees’ retirement fund established under IC 5-10.2 and IC 5-10.3. (2) The public employees’ defined contribution plan established under IC 5-10.3-12. (3) The Indiana state teachers’ retirement fund established under IC 5-10.2 and IC 5-10.4. (4) The teachers’ defined […]

5-10.5-2-3. Independent Body Corporate and Politic

Sec. 3. The system is an independent body corporate and politic. The system is not a department or agency of the state but is an independent instrumentality exercising essential government functions. As added by P.L.23-2011, SEC.22.

5-10.5-2-4. Board, System, and Employees Are Public Employees

Sec. 4. For purposes of IC 34-13-2, IC 34-13-3, and IC 34-13-4, the board, the system, and all employees of the board or the system are public employees (as defined in IC 34-6-2-38). As added by P.L.23-2011, SEC.22. Amended by P.L.100-2012, SEC.16.

5-10.5-2-5. System Management and Administration

Sec. 5. The system shall be managed and administered by a board of trustees established under IC 5-10.5-3. As added by P.L.23-2011, SEC.22.

5-10.5-2-6. Each Fund Is Separate Fund

Sec. 6. Each public pension or retirement fund listed in section 2 of this chapter is a separate fund managed by the board under this article and the retirement law applicable to the public pension or retirement fund. The obligations of the state and political subdivisions for benefit payments are specified in the retirement law […]