Transfer or assumption of tangible and intangible property;

transfer of powers and duties Sec. 2. (a) All powers, duties, liabilities, property, equipment, records, rights, and contracts of the: (1) board of trustees of the public employees' retirement fund; and (2) board of trustees of the teachers' retirement fund; are transferred to or assumed by the board on July 1, 2011. (b) The board shall provide indemnification of: (1) the board of trustees of the public employees' retirement fund; and (2) the board of trustees of the teachers' retirement fund; as necessary or appropriate in regard to any liabilities of the public employees' retirement fund or the teachers' retirement fund assumed by the board. As added by P.L.23-2011, SEC.22.