This text of Indiana § 5-10.5-4-1 (Duties) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
The board shall do all of the following:
(1)Appoint and fix the salary of a director.
(2)Employ or contract with employees, auditors, technical
experts, legal counsel, and other service providers as the board
considers necessary to transact the business of the fund without
the approval of any state officer, and fix the compensation of
those persons.
(3)Establish a general office in Indianapolis for board meetings
and for administrative personnel.
(4)Provide for the installation in the general office of a complete
system of:
(B)accounts, including reserve accounts; and
(C)records;
to give effect to all the requirements of this article and to ensure
the proper operation of the fund.
(5)Provide for a report at least annually to each member of the
amount credited to the membe
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The board shall do all of the following:
(1) Appoint and fix the salary of a director.
(2) Employ or contract with employees, auditors, technical
experts, legal counsel, and other service providers as the board
considers necessary to transact the business of the fund without
the approval of any state officer, and fix the compensation of
those persons.
(3) Establish a general office in Indianapolis for board meetings
and for administrative personnel.
(4) Provide for the installation in the general office of a complete
system of:
(A) books;
(B) accounts, including reserve accounts; and
(C) records;
to give effect to all the requirements of this article and to ensure
the proper operation of the fund.
(5) Provide for a report at least annually to each member of the
amount credited to the member in the annuity savings account in
each investment program under IC 5-10.2-2.
(6) With the advice of the actuary, adopt actuarial tables and
compile data needed for actuarial studies that are necessary for
the fund's operation.
(7) Act on applications for benefits and claims of error filed by
members.
(8) Have the accounts of the fund audited by the state board of
accounts and if the board determines that it is advisable, have the
operation of a public pension or retirement fund of the system
audited by a certified public accountant.
(9) Publish for the members a synopsis of the fund's condition.
(10) Adopt a budget on a calendar year or fiscal year basis that is
sufficient, as determined by the board, to perform the board's
duties and, as appropriate and reasonable, draw upon fund assets
to fund the budget.
(11) Expend money, including income from the fund's
investments, for effectuating the fund's purposes.
(12) Establish personnel programs and policies for the employees
of the system.
(13) Submit a financial report before November 1 each year to the
governor, the interim study committee on pension management
oversight established by IC 2-5-1.3-4 in an electronic format
under IC 5-14-6, and the budget committee. The report under this
subdivision must set forth a complete operating and financial
statement covering its operations during the most recent fiscal
year, and include any other information requested by the chair of
the interim study committee on pension management oversight
established by IC 2-5-1.3-4 in an electronic format under IC 5-14-6.
(14) Provide the necessary forms for administering the fund.
(15) Submit to the state comptroller or the treasurer of state
vouchers or reports necessary to claim an amount due from the
state to the system.
(16) Provide education to employers and members regarding
retirement benefit options of all applicable public pension and
retirement funds of the system.
(17) Allocate:
(A) first, to the pension stabilization fund (established by IC 5-10.4-2-5); and
(B) second, to one (1) or more of the following supplemental
allowance reserve accounts amounts transferred to the system
under IC 4-30-16-3:
(i) IC 2-3.5-3-2(c) (for the legislators' defined benefit plan).
(ii) IC 5-10-5.5-4(c) (for the state excise police, gaming
agent, gaming control officer, and conservation enforcement
officers' retirement plan).
(iii) IC 5-10.2-2-2(a)(3) (for the public employees' retirement
fund).
(iv) IC 5-10.2-2-2(c)(3) (for the Indiana state teachers'
retirement fund).