Title 5, STATE AND LOCAL ADMINISTRATION

Sec. 3. (a) INvestED Indiana shall administer the fund. The expenses of administering the fund may be paid from money in the fund. (b) Any compensation provided to employees of INvestED Indiana may not be paid from money received by the department under IC 5-34-3-2. As added by P…

Sec. 4. Money in the fund not currently needed to meet the obligations in the fund may be invested in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund. As added by P.L.165-2021, SEC.65.

Sec. 5. Money in the fund at the end of a state fiscal year does not revert to the state general fund. As added by P.L.165-2021, SEC.65.

Sec. 1. (a) No public agency other than the department of financial institutions may adopt or enforce a rule or other regulation that would have the effect of prohibiting, restricting, or impairing the ability of a person to: (1) use or accept digital assets as a method of paymen…

Sec. 2. No public agency other than the department of financial institutions may adopt or enforce a rule or other regulation that would have the effect of prohibiting, restricting, or impairing the ability of an individual or business to do any of the following: (1) Operate a nod…

Sec. 3. (a) Except as provided in subsection (b), no public agency other than the department of financial institutions may prohibit the operation of a digital asset mining business. (b) A public agency may enforce rules or other regulations applicable to a digital asset mining bu…

Sec. 1. Intent. The procedures of this article are established to provide the basic protection of the Social Security Act to public employees and their dependents and survivors on as broad a basis as is permitted by the Social Security Act. As added by Acts 1977, P.L.53, SEC.1.

Sec. 2. Authorization. The state agency with the approval of the governor may enter into a federal-state agreement with the federal administrator to extend the benefits of the Social Security Act to the employees of the state and its political subdivisions. As added by Acts 1977,…

Sec. 3. Coverage. (a) The agreement must cover services which are performed by an employee for the state or political subdivision and which are covered by a plan which conforms to the agreement and has been approved by the state agency. (b) The agreement may not cover services wh…

Sec. 4. Effective Date. The agreement or a modification to it must contain an effective date for the coverage of services. The effective date of the agreement may not be earlier than permitted by the Social Security Act or earlier than January 1 of the year in which the agreement…

Sec. 5. Payment to the Secretary of Treasury. The state shall pay to the secretary of the treasury, as prescribed under the Social Security Act, contributions equal to the sum of taxes which would be imposed by the Federal Insurance Contributions Act if the act applied to service…

Sec. 6. Permissible Provisions. The agreement may contain such provisions concerning coverage, benefits, contributions, effective date, modification and termination of the agreement, administrative, and other appropriate matters as the state agency and federal administrator agree…

Sec. 7. Termination of Coverage. Coverage by the Social Security Act may be terminated by sending a written notice of termination to the federal administrator. The termination is effective if: (1) the notice is filed two (2) years before the time of termination; and (2) the emplo…

Sec. 8. Rules and Regulations. The state agency may make and publish such rules and regulations as it finds appropriate for the implementation of this article. As added by Acts 1977, P.L.53, SEC.1.

Sec. 9. (a) The agreement shall be modified to exclude services performed by an election official or an election worker for calendar year 2007 in which the remuneration paid for such services is less than one thousand three hundred dollars ($1,300), and for each calendar year aft…

Sec. 0.1. The addition of section 18 of this chapter (expired July 1, 2013) by P.L.224-2003 applies only to investments made after June 30, 2003. As added by P.L.220-2011, SEC.71. Amended by P.L.23-2026, SEC.25.

Sec. 1. (a) This article applies to the Indiana state teachers' retirement fund and the public employees' retirement fund. Each retirement fund covered by this article is a separate retirement fund managed by the board under the fund's retirement fund law. The board shall make an…

Sec. 1.5. Each retirement fund covered by this article shall satisfy the qualification requirements in Section 401 of the Internal Revenue Code, as applicable to each retirement fund. In order to meet those requirements, each fund is subject to the following provisions, notwithst…

Sec. 10. Based on the actuarial investigation and valuation in section 9 of this chapter, the board shall adopt mortality, service, and such other tables as the board considers necessary for the implementation of this article. The board shall adopt a single mortality table for bo…

Sec. 11. (a) Based on the actuarial investigation and valuation in section 9 of this chapter, the board shall determine: (1) the normal contribution for each contribution rate group, which is the amount necessary to fund the pension portion of the retirement benefit; (2) the rate…

Sec. 11.5. (a) As used in this section, "Vincennes University" refers to the state educational institution established under IC 21-25-2. (b) Notwithstanding section 11 of this chapter or any other law, Vincennes University is not required to make employer contributions to the Ind…

Sec. 12. (a) The general assembly shall appropriate biennially for each fund covered by this article that satisfies the conditions of section 1.5 of this chapter the sum of the following: (1) the state's normal contribution for its employees to the public employees' retirement fu…

Sec. 12.5. (a) This section applies to reports, records, and contributions submitted after December 31, 2009, by an employer. (b) As used in this section, "electronic funds transfer" has the meaning set forth in IC 4-8.1-2-7(f). (c) Except as provided in subsection (e), an employ…

Sec. 13. (a) The board may enter into a custodial agreement with a trust company or state or national bank to provide for the custody and servicing of the securities and other investments under the control of the board. (b) The agreement may contain such terms as the board consid…

Sec. 14. (a) Upon written authorization of a retired member or a retired member's survivor or beneficiary, each fund may satisfy a claim for benefits by directly depositing the amount of the benefits payable to the retired member's or the survivor's or beneficiary's account in an…

Sec. 2. (a) The board shall maintain the following separate accounts in the public employees' retirement fund: (1) The annuity savings account. (2) The retirement allowance account. (3) A supplemental allowance reserve account for the purpose of paying postretirement benefit adju…

Sec. 2.5. (a) The board may establish investment guidelines and limits on all types of investments (including, but not limited to, stocks and bonds) and take other actions necessary to fulfill its duty as a fiduciary for all assets under its control, subject to the limitations an…

Sec. 20. (a) As used in this section: (1) "fund" means the public employees' retirement fund; and (2) "withdrawing participating entity" means a miscellaneous participating entity that takes an action described in subsection (b). (b) Subject to the provisions of this section, a m…

Sec. 21. (a) This section applies to a miscellaneous participating entity that takes any of the following actions on or after December 31, 2010: (1) The miscellaneous participating entity determines a date: (A) before which newly hired employees of a departmental, occupational, o…

Sec. 22. (a) This section applies to a miscellaneous participating entity that: (1) either: (A) withdraws from the public employees' retirement fund under section 20 of this chapter; or (B) freezes its participation in the public employees' retirement fund as described in section…

Sec. 23. If any provision of this article, IC 5-10.3, or IC 5-10.4 allows the state as an employer to make an election or take discretionary action, the election or discretionary action shall be taken by the following entities, as applicable: (1) The governor, if the election or …

Sec. 24. (a) After December 31, 2016, a member may not make contributions to the guaranteed program. (b) For those members who as of December 31, 2016, have designated the guaranteed program as the investment program to receive all or part of the contributions to the member's ann…

Sec. 3. (a) The annuity savings account consists of: (1) the members' contributions; and (2) the interest credits on these contributions in the guaranteed fund (before January 1, 2017), the gain or loss in the balance of the member's account in the stable value fund (after Decemb…

Sec. 3.3. Interest credited prior to July 1, 2005, in the annuity savings account of the public employees' retirement fund to suspended members participating in the guaranteed fund (before its elimination on January 1, 2017) under section 3 of this chapter shall be treated as pro…

Sec. 4.1. (a) This section applies only after December 31, 2016. (b) Except as provided in subsection (e), the market value of the stable value fund program shall be allocated at least annually to the members participating in that program. (c) Except as provided in subsection (e)…

Sec. 6. (a) The retirement allowance account of the public employees' retirement fund consists of the retirement fund, exclusive of the annuity savings account and the supplemental allowance reserve account. The retirement allowance account also includes any amounts received unde…

Sec. 7. (a) When a member retires or dies in service under conditions which entitle a beneficiary or spouse to survivor benefits and if the member or survivor chooses to receive an annuity from the fund, the annuity savings account shall be charged with the amount credited to him…

Sec. 8. (a) For a member who retires after June 30, 2008, with service in more than one (1) retirement fund, the member may choose at the time the member files an application for retirement benefits whether to retire from the Indiana state teachers' retirement fund or from the pu…

Sec. 9. (a) The funds may employ a common actuary or actuarial service. (b) At least once in every five (5) years and in every year in which this article is amended so that benefits are changed, the actuary shall make a separate actuarial investigation for each fund of the mortal…

Sec. 0.3. If before June 1, 1985, the board approved a member's choice of retirement date that preceded the member's application for benefits, payments made as a result of the choice of retirement date are legalized. As added by P.L.220-2011, SEC.77.

Sec. 0.4. (a) If the board, the state, or a political subdivision denied, after December 31, 1986, an employee of the state or the political subdivision who was sixty (60) years of age or older the option not to join the fund, the denial is validated. (b) Actions taken by the boa…

Sec. 1. (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…

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.

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 obli…

Sec. 4. (a) The following definitions apply throughout this section: (1) "Defined contribution plan" refers to the public employees' defined contribution plan established under IC 5-10.3-12. (2) "Eligible entity" means an entity that is eligible but not required to participate in…