§ 36-8-10-17 — Police benefit fund

Indiana § 36-8-10-17

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 8: PUBLIC SAFETY
• Ch. 10: Sheriff's Department; Merit Board; Pensions

Text

(a) The death benefit, the disability benefit,
and the dependents' pension may be 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 receives and holds as trustee for the uses and
purposes set out in the supplementary trust agreement all money paid
to it as trustee by the department or by other persons.
(c) The trustee may, under the terms of the supplementary trust
agreement, pay the necessary premiums for insurance, pay benefits, or
pay both as provided by this chapter.
(d) The trustee shall hold, invest, and reinvest the police benefit
fund in investments that are permitted by statute for the investment of
trust funds and other investments that are specifically designated in the
supplementary trust agreement.
(e) Within ninety (90) days after the close of the fiscal year, the
trustee, with the assistance of the pension engineers, shall prepare and
file with the department a detailed annual report showing receipts,
disbursements, and case histories, and making recommendations
regarding the necessary contributions required to keep the program in
operation. Contributions by the department shall be provided in the
general appropriations to the department. However, these contributions
are not required for plans established or modifications adopted after
June 30, 1989, under sections 14 through 16 of this chapter unless the
establishment or modification is approved by the county fiscal body.
[Pre-Local Government Recodification Citation:
17-3-14-15.]
As added by Acts 1981, P.L.309, SEC.61. Amended by
P.L.313-1989, SEC.8; P.L.146-2015, SEC.38.