Indiana § 5-10.3-2-3 Legislative intent; public obligations

Indiana Statutes

§ 5-10.3-2-3 — Legislative intent; public obligations

Indiana § 5-10.3-2-3

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10.3THE PUBLIC EMPLOYEES' RETIREMENT

Ch. 2The Public Employees' Retirement Fund

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Bluebook

Ind. Code § 5-10.3-2-3 (2026).

Text

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 obligations of the state and the participating political subdivisions.
However, this obligation is not a guarantee that the amount credited to
a member in the annuity savings account will not vary in value as a
result of the performance of the investment program selected by the
member under IC 5-10.2-2, unless the member selected the guaranteed
program (before its elimination on January 1, 2017), in which case the
obligation is such a guarantee.
As added by Acts 1977, P.L.53, SEC.3. Amended by
P.L.35-1985, SEC.19; P.L.193-2016

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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 obligations of the state and the participating political subdivisions.
However, this obligation is not a guarantee that the amount credited to
a member in the annuity savings account will not vary in value as a
result of the performance of the investment program selected by the
member under IC 5-10.2-2, unless the member selected the guaranteed
program (before its elimination on January 1, 2017), in which case the
obligation is such a guarantee.
As added by Acts 1977, P.L.53, SEC.3. Amended by
P.L.35-1985, SEC.19; P.L.193-2016, SEC.13.