§ 5-10.2-2-1 — Scope; purpose

Indiana § 5-10.2-2-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.2: PUBLIC RETIREMENT AND DISABILITY
• Ch. 2: The Retirement Funds

Text

(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 and publish regulations which are appropriate to the
efficient administration of this article. The obligations of the state and
political subdivisions for benefit payments are specified in each
retirement fund law.
(b) The Indiana public retirement system is an independent body
corporate and politic. The Indiana public retirement system is not a
department or agency of the state but is an independent instrumentality
exercising essential government functions.
(c) The benefits specified in this article and the benefits from the
Social Security Act provide the retirement, disability, and survivor
benefits for public employees and teachers. However, this article does
not prohibit a political subdivision from establishing and providing
before January 1, 1995, and continuing to provide after January 1,
1995, retirement, disability, and survivor benefits for the public
employees of the political subdivision independent of this article if the
political subdivision took action before January 1, 1995, and was not
a participant in the public employees' retirement fund on January 1,
1995, under this article or IC 5-10.3.
As added by Acts 1977, P.L.53, SEC.2. Amended by
P.L.66-1995, SEC.2; P.L.65-1995, SEC.2; P.L.119-2000, SEC.2;
P.L.23-2011, SEC.7.