§ 5-10.5-4-2 — Powers

Indiana § 5-10.5-4-2

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.5: INDIANA PUBLIC PENSION
• Ch. 4: Board Powers and Duties

Text

(a) The board may do any of the following:
(1) Establish and amend rules and regulations:
(A) for the administration and regulation of the fund and the
board's affairs; and
(B) to effectuate the powers and purposes of the board;
without adopting a rule under IC 4-22-2.
(2) Make contracts and sue and be sued as the board of trustees of
the Indiana public retirement system.
(3) Delegate duties to its employees.
(4) Enter into agreements with one (1) or more insurance
companies to provide life, hospitalization, surgical, medical,
dental, vision, long term care, or supplemental Medicare
insurance, utilizing individual or group insurance policies for
retired members of the fund, and, upon authorization of the
respective member, deduct premium payments for such policies
from the members' retirement benefits and remit the payments to
the insurance companies.
(5) Enter into agreements with one (1) or more insurance
companies to provide annuities for retired members of the fund,
and, upon a member's authorization, transfer the amount credited
to the member in the annuity savings account to the insurance
companies.
(6) For the 1977 police officers' and firefighters' pension and
disability fund, deduct from benefits paid and remit to the
appropriate entities amounts authorized by IC 36-8-8-17.2.
(7) Whenever the fund's membership is sufficiently large for
actuarial valuation, establish an employer's contribution rate for
all employers, including employers with special benefit provisions
for certain employees.
(8) Amortize prior service liability over a period of thirty (30)
years or less.
(9) Recover payments made under false or fraudulent
representation.
(10) Give bond for an employee for the fund's protection.
(11) Receive the state's share of the cost of the pension
contribution from the federal government for a member on leave
of absence in order to work in a federally supported educational
project.
(12) Summon and examine witnesses when adjusting claims.
(13) When adjusting disability claims, require medical
examinations by doctors approved or appointed by the board. Not
more than two (2) examinations may be conducted in one (1)
year.
(14) Conduct investigations to help determine the merit of a
claim.
(15) Meet an emergency that may arise in the administration of
the board's trust.
(16) Determine other matters regarding the board's trust that are
not specified.
(17) Exercise all powers necessary, convenient, or appropriate to
carry out and effectuate its public and corporate purposes and to
conduct its business.
(b) This subsection does not apply to investments of the board. A
contract under subsection (a)(2) may be for a term of not more than
five (5) years, with an ability to renew thereafter.
(c) An agreement under subsection (a)(4) may be for a duration of
three (3) years.

Legislative History

As added by P.L.23-2011, SEC.22. Amended by P.L.111-2015, SEC.5.