§ 10-12-2-7 — Police benefit fund; duties of trustee; appropriations

Indiana § 10-12-2-7

• Jurisdiction: Indiana
• Title 10: PUBLIC SAFETY
• Art. 12: STATE POLICE PENSIONS AND BENEFITS
• Ch. 2: Pension, Death, Disability, Survivor, and Other Benefits

Text

(a) The:
(1) mortality reserve account referred to in section 4 of this
chapter;
(2) disability reserve account referred to in section 5 of this
chapter; and
(3) dependent pension reserve account referred to in section 6 of
this chapter;
may be commingled and operated as one (1) fund, known as the police
benefit fund, under the terms of a supplementary trust agreement
between the department and the trustee for the exclusive benefit of
employee beneficiaries and their dependents.
(b) The trustee shall receive and hold as trustee for the uses and
purposes set out in the supplementary trust agreement all funds paid to
it as the trustee by the department or by any other person or persons.
(c) The trustee shall hold, invest, and reinvest the police benefit
fund in:
(1) investments that trust funds are permitted to invest in under
Indiana law; and
(2) other investments as may be specifically designated in the
supplementary trust agreement.
(d) The trustee, with the assistance of the pension engineers, shall,
not more than ninety (90) days after the close of the fiscal year, prepare
and file with the department and the department of insurance a detailed
annual report showing receipts, disbursements, case histories, and
recommendations as to the contributions required to keep the program
in operation.
(e) Contributions by the department to the police benefit fund shall
be provided in the general appropriations to the department.
[Pre-2003 Recodification Citation: 10-1-2-6.]

Legislative History

As added by P.L.2-2003, SEC.3.