§ 5-10.5-3-2 — Composition; appointment; vacancies; trustee education; education expense reimbursement

Indiana § 5-10.5-3-2

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.5: INDIANA PUBLIC PENSION
• Ch. 3: Board of Trustees

Text

(a) The board is composed of nine (9) trustees
appointed by the governor as follows:
(1) At least one (1) trustee must have experience in economics,
finance, or investments.
(2) At least one (1) trustee must have experience in executive
management or benefits administration.
(3) The director of the office of management and budget or the
director's designee serving as an ex officio voting member of the
board. An individual appointed under this subdivision to serve as
the office of management and budget director's designee:
(A) is subject to section 5 of this chapter; and
(B) serves as a permanent designee until replaced by the office
of management and budget director.
(4) Two (2) trustees nominated by the speaker of the house of
representatives as follows:
(A) One (1) must be an active or retired police officer or
firefighter who is a member of the 1977 police officers' and
firefighters' pension and disability fund.
(B) One (1) must be a member of the teachers' retirement fund
with at least ten (10) years of creditable service.
(5) Two (2) trustees nominated by the president pro tempore of
the senate as follows:
(A) One (1) must be a member of the public employees'
retirement fund with at least ten (10) years of creditable service.
(B) One (1) must be a member of the teachers' retirement fund
with at least ten (10) years of creditable service.
(6) One (1) trustee nominated by the state comptroller. The
individual nominated under this subdivision may be the state
comptroller or another individual who has experience in
professional financial accounting or actuarial science.
(7) One (1) trustee nominated by the treasurer of state. The
individual nominated under this subdivision may be the treasurer
of state or another individual who has experience in economics,
finance, or investments.
(b) If a vacancy on the board occurs, the governor shall, not later
than forty-five (45) days after the date the vacancy occurs, appoint an
individual to fill the vacancy using the criteria in subsection (a).
(c) During the first year after an individual's initial appointment as
a trustee and each year thereafter during which the individual serves as
a trustee, the individual is strongly encouraged to complete at least
twelve (12) hours of trustee education, at least two (2) hours in each of
the following areas:
(1) Fiduciary duties and responsibilities of a trustee.
(2) Ethics.
(3) Governance process and procedures.
(4) Retirement plan design and administration.
(5) Investments.
(6) Actuarial principles and methods.
(d) Subject to the director's approval, each trustee is entitled to
reimbursement for reasonable expenses actually incurred in fulfilling
the educational requirements under subsection (c). The director shall
give a preference for reimbursement for in-state training that meets the
requirements under subsection (c), if in-state training is available.

Legislative History

As added by P.L.23-2011, SEC.22. Amended by P.L.165-2021, SEC.61; P.L.9-2024, SEC.131.