Title 5, TITLE 5. STATE AND LOCAL ADMINISTRATION

As added by P.L.220-2011, SEC.105. Amended by P.L.39-2011, SEC.3. Repealed by P.L.145-2016, SEC.4.

As added by P.L.220-2011, SEC.106. Repealed by P.L.189-2018, SEC.42.

Sec. 1. Authorization. Each political subdivision without a retirement system for its employees may submit for approval by the state agency a plan for extending the Social Security Act to its employees. As added by Acts 1977, P.L.53, SEC.1.

Sec. 2. Approval of the Plan. The state agency shall approve the plan and any amendments if they conform to the agreement and the regulations of the state agency. The state agency may not finally disapprove a plan or terminate an approved plan without reasonable notice and opport…

Sec. 3. Required Elements of the Plan. The plan must: (1) be in conformity with the requirements of the Social Security Act and with the agreement; (2) provide that all services covered by the federal-state agreement in employment for the political subdivision is covered by the p…

Sec. 4. Ordinances. (a) Employees of a political subdivision without a retirement system are entitled to coverage by the Social Security Act if: (1) the governing body passes an ordinance or resolution which it submits to the state agency within ten (10) days after passage; (2) t…

Sec. 5. Participation in the Public Employees' Retirement Fund. A political subdivision which is eligible to become a participant in the public employees' retirement fund may be covered by the Social Security Act by becoming a participant as specified in IC 5-10.3-6. If the polit…

Sec. 1. (a) Except as provided in IC 5-10.2-4-8(e), each member's creditable service, for the purpose of computing benefits under this article, consists of all service in a position covered by a retirement fund plus all other service for which the retirement fund law gives credit…

Sec. 1.2. (a) A member who has earned at least ten (10) years of service in a position covered by PERF, TRF, or a combination of the two (2) funds may purchase one (1) year of service credit for each five (5) years of service that the member has completed in a position covered by…

Sec. 10. (a) To the extent permitted by the Internal Revenue Code and the applicable regulations, the fund may accept, on behalf of any member, a rollover distribution from any of the following: (1) A qualified plan described in Section 401(a) or Section 403(a) of the Internal Re…

Sec. 2. (a) Subject to IC 5-10.2-2-1.5, as used in this section, "compensation" means: (1) the basic salary earned by and paid to the member; plus (2) the amount that would have been a part of the basic salary earned and paid except for the member's salary reduction agreement est…

Sec. 3. (a) This section: (1) does not apply to a retired member who begins a period of reemployment in a covered position more than thirty (30) days after the member's retirement, except as provided in subdivision (2); or (2) applies to the entire period of reemployment for a re…

As added by Acts 1977, P.L.53, SEC.2. Repealed by P.L.46-1988, SEC.14.

Sec. 5. (a) A member may suspend the member's membership in the applicable fund if the member terminates employment and is not currently employed in a covered position with the applicable fund. (b) After five (5) continuous years in which the member performs no service, the membe…

member's account Sec. 6. (a) After a member is suspended under section 5 of this chapter, the member is entitled to withdraw in a lump sum all or part of the amount of the member's contributions plus interest credited to the member. (b) Except as provided in subsection (d), the s…

another governmental retirement plan Sec. 6.2. (a) This section applies to a member of the Indiana state teachers' retirement fund. (b) A member who: (1) has attained vested status in the fund; (2) has terminated employment; (3) has not begun receiving benefits; and (4) is transf…

savings account to purchase service credit in sheriff's pension trust Sec. 6.3. (a) Notwithstanding any other provision in this article, IC 5-10.3, or IC 5-10.4, a member who: (1) has not attained vested status in the fund; (2) is not an active participant in the fund; and (3) is…

Sec. 6.5. (a) After December 31, 2020, a member who meets all of the following requirements may elect to withdraw all or part of the amount in the member's annuity savings account: (1) The member has terminated employment with the applicable fund and is not currently employed in …

As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1978, P.L.24, SEC.1; Acts 1980, P.L.28, SEC.4. Repealed by P.L.55-1989, SEC.67.

As added by P.L.1-1989, SEC.14. Repealed by P.L.4-1990, SEC.22.

As added by P.L.35-1985, SEC.10. Repealed by P.L.55-1989, SEC.67.

Sec. 7.5. (a) This subsection applies to members who die after March 31, 1990, and before January 1, 2007. A surviving dependent or surviving spouse of a member who dies in service is entitled to a survivor benefit if: (1) the member has: (A) at least ten (10) years of creditable…

Sec. 7.6. (a) This section applies to the surviving spouse and the surviving dependent of a member who: (1) dies after June 30, 1996, and before July 1, 2018; (2) has at least thirty (30) years of creditable service; and (3) dies in service in a position covered by the fund. (b) …

Sec. 8. (a) If a member dies: (1) after March 31, 1990, and before July 1, 2018; (2) while not in service in a position covered by the retirement fund; and (3) while eligible to receive retirement or disability benefits under IC 5-10.2-4-6, but before applying for those benefits;…

retirement benefits Sec. 9. (a) This section applies if the following conditions are met. A member dies: (1) after July 1, 1991; and (2) while receiving or while eligible to receive retirement benefits under IC 5-10.2-4-1 from the fund. (b) As used in this section, "minimum amoun…

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.36-1996, SEC.1; P.L.246-2001, SEC.9; P.L.62-2005, SEC.4. Repealed by P.L.23-2011, SEC.31.

Sec. 10. The actuary shall perform the duties specified in this article and in IC 5-10.2 and all other duties assigned by the board. As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.16.

As added by Acts 1977, P.L.53, SEC.3. Repealed by P.L.23-2011, SEC.31.

As added by Acts 1977, P.L.53, SEC.3. Repealed by P.L.23-2011, SEC.31.

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.25-1994, SEC.6; P.L.62-2005, SEC.5. Repealed by P.L.23-2011, SEC.31.

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984, SEC.4. Repealed by P.L.23-2011, SEC.31.

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.62-2005, SEC.6. Repealed by P.L.23-2011, SEC.31.

As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1979, P.L.17, SEC.6; P.L.35-1985, SEC.20; P.L.5-1990, SEC.7; P.L.119-2000, SEC.4; P.L.107-2010, SEC.2. Repealed by P.L.23-2011, SEC.31.

Sec. 7.1. The board shall annually analyze for internal control purposes the fund's; (1) income and expenditures; (2) actuarial condition; (3) reserve accounts; (4) investments; and (5) such other data as necessary to interpret the fund's condition and the board's administration …

As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss), P.L.1, SEC.2; P.L.35-1985, SEC.21; P.L.43-1991, SEC.4; P.L.22-1998, SEC.7; P.L.119-2000, SEC.5; P.L.61-2002, SEC.7; P.L.183-2003, SEC.1. Repealed by P.L.23-2011, SEC.31.

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988, SEC.1; P.L.5-1990, SEC.8; P.L.115-2009, SEC.9. Repealed by P.L.23-2011, SEC.31.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-1.] As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.

Sec. 10. (a) The board shall invest its assets with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims. The board also shall diversify…

Sec. 11. The board's transactions under section 10 of this chapter are subject to IC 5-10.2-2-1.5. [Pre-2006 Education Finance Recodification Citation: 21-6.1-3-9.1.] As added by P.L.2-2006, SEC.28.

Sec. 12. Each security may be held in bearer form or registered in the name of: (1) the fund; (2) a nominee created by the board; or (3) a nominee of a custodian bank or safekeeping bank, approved by the board. [Pre-2006 Education Finance Recodification Citation: 21-6.1-3-11.] As…

Sec. 13. (a) The board may enter into a custodial agreement on terms the board considers in the best interest of the fund with a bank or trust company that is domiciled in the United States and approved by the board to: (1) act in a fiduciary capacity; and (2) manage custodial ac…

Sec. 14. All income and other receipts from securities may be: (1) collected by the custodian bank or safekeeping bank approved for that purpose by the board and deposited in the custodial account or a checking account of the board; (2) reinvested from the custodial account or ch…

Sec. 15. (a) Except as otherwise provided, a trustee or employee of the board may not have any direct interest in the income of an investment made by the board or may not receive any pay or emolument for services connected with any investment made by the board. (b) The board may …

Sec. 16. A person who recklessly violates section 10, 12, 14, or 15 of this chapter is subject to IC 35-44.2-2-4. [Pre-2006 Education Finance Recodification Citation: 21-6.1-3-19.] As added by P.L.2-2006, SEC.28. Amended by P.L.126-2012, SEC.16; P.L.32-2019, SEC.7.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-2.] As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-3.] As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-4.] As added by P.L.2-2006, SEC.28. Repealed by P.L.23-2011, SEC.31.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-5.] As added by P.L.2-2006, SEC.28. Amended by P.L.107-2010, SEC.3. Repealed by P.L.23-2011, SEC.31.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-6.] As added by P.L.2-2006, SEC.28. Amended by P.L.107-2010, SEC.4. Repealed by P.L.23-2011, SEC.31.

Sec. 7. The board shall annually analyze the fund's: (1) income and expenditures; (2) actuarial condition; (3) reserve accounts; (4) investments; and (5) such other data as necessary to interpret the fund's condition and the board's administration of the fund; for internal contro…