reglab/housing_qa huggingface dataset:
IN Code § 5-10.2-12-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.2. Public Retirement and Disability Benefits|Chapter 12. Supplemental Allowance Reserve Accounts|5-10.2-12-2. Uses of Money in a Supplemental Allowance Reserve Account

Sec. 2. All amounts in a supplemental allowance reserve account of a fund or plan are available to the board to pay a postretirement benefit increase, thirteenth check, or other benefit change or adjustment granted by the general assembly after June 30, 2018, to members of or participants in that fund or plan.As added by P.L.127-2018, SEC.9.
IN Code § 5-10.2-12-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.2. Public Retirement and Disability Benefits|Chapter 12. Supplemental Allowance Reserve Accounts|5-10.2-12-3. Contribution Rate Surcharge

Sec. 3. (a) For 2019 and each year thereafter, the contribution rate established by the board for each employer shall include a surcharge determined by the board:(1) that is paid to the supplemental allowance reserve account of the applicable fund or plan; and(2) that does not exceed one percent (1%) of the employer's payroll that is attributable to employees who are:(A) members of the public employees' retirement fund;(B) members of the 1996 account of the Indiana state teachers' retirement fund; and(C) participants in the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan.The board shall determine an equivalent amount to be included in the general fund appropriations for the supplemental allowance reserve accounts of the legislators' defined benefit plan and, subject to IC 5-10.4-2-5, the pre-1996 account of the Indiana state teachers' retirement fund.(b) The surcharge described in subsection (a) shall be paid in the same manner as other employer contributions required under IC 5-10-5.5-4, IC 5-10.2-2-12.5, IC 5-10.3-7-12.5, and IC 5-10.4-7-6.As added by P.L.127-2018, SEC.9.
IN Code § 5-10.2-12-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.2. Public Retirement and Disability Benefits|Chapter 12. Supplemental Allowance Reserve Accounts|5-10.2-12-4. Supplemental Allowance Reserve Account; Actuarial Report; Grants of Postretirement Benefits

Sec. 4. (a) In each even-numbered calendar year, beginning in 2018, the board shall present to the interim study committee on pension management oversight (established by IC 2-5-1.3-4) an actuarial report concerning the status of each supplemental allowance reserve account.(b) The general assembly may grant a postretirement benefit increase, thirteenth check, or other benefit change or adjustment for members of or participants in a fund or plan listed in section 1 of this chapter only:(1) in an odd-numbered calendar year; and(2) if the postretirement benefit increase, thirteenth check, or other benefit change or adjustment:(A) may be funded from the uncommitted balance in the supplemental allowance reserve account of the particular fund or plan; and(B) may be paid in the same amount or percentage, or by using the same formula or computation method, to members of or participants in each of the funds and plans listed in section 1 of this chapter.As added by P.L.127-2018, SEC.9.
IN Code § 5-10.3-1-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-1. "Board"

Sec. 1. "Board" as used in this article means the board of trustees of the Indiana public retirement system established by IC 5-10.5-3-1.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.13.
IN Code § 5-10.3-1-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-2. "Employer"

Sec. 2. Employer. "Employer" as used in this article means the state for employees of the state and a political subdivision for its employees.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-1-2.5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-2.5. "Director"

Sec. 2.5. As used in this article, "director" refers to the director of the Indiana public retirement system established by IC 5-10.5-2-1.As added by P.L.5-1990, SEC.6. Amended by P.L.23-2011, SEC.14.
IN Code § 5-10.3-1-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-3. "Fund"

Sec. 3. Fund. "Fund" as used in this article means the public employees' retirement fund.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-1-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-4. "Governing Body"

Sec. 4. "Governing body" means the fiscal body of a county, city, town, or township, board of school commissioners, library board, or any board which by law is authorized to fix a rate of taxation on property of a political subdivision, or any other board which is empowered to administer the affairs of any department of a political subdivision, which department receives revenue independently of, or in addition to, funds obtained from taxation.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.8-1987, SEC.10; P.L.8-1989, SEC.20.
IN Code § 5-10.3-1-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-5. "Member"

Sec. 5. Member. "Member" as used in this article means persons qualifying for membership under IC 5-10.3-7-1.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-1-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-6. "Political Subdivision"

Sec. 6. Political Subdivision. "Political subdivision" as used in this article means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town, or township, which department receives revenue independently of, or in addition to, funds obtained from taxation.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-1-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-8. Gender; Number

Sec. 8. Gender; Number. (a) When a masculine pronoun is used in this article, it refers to the masculine, feminine, or neuter, as appropriate.(b) The singular form of any noun used in this article includes the plural, and the plural includes the singular, as appropriate.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-1-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 1. Definitions|5-10.3-1-9. "Member's Contribution"

Sec. 9. As used in this article, "member's contribution" includes contributions paid by the employer for members of the fund.As added by P.L.41-1983, SEC.6. Amended by P.L.35-1985, SEC.18.
IN Code § 5-10.3-2-0.3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 2. The Public Employees' Retirement Fund|5-10.3-2-0.3. Legalization of Payment of Certain Benefits

Sec. 0.3. If before June 1, 1985, the board approved a member's choice of retirement date that preceded the member's application for benefits, payments made as a result of the choice of retirement date are legalized.As added by P.L.220-2011, SEC.77.
IN Code § 5-10.3-2-0.4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 2. The Public Employees' Retirement Fund|5-10.3-2-0.4. Validation of Certain Board Actions

Sec. 0.4. (a) If the board, the state, or a political subdivision denied, after December 31, 1986, an employee of the state or the political subdivision who was sixty (60) years of age or older the option not to join the fund, the denial is validated.(b) Actions taken by the board before March 5, 1988, that would have been valid under IC 5-10.3-7-3(a), as amended by P.L.46-1988, are validated.As added by P.L.220-2011, SEC.78.
IN Code § 5-10.3-2-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 2. The Public Employees' Retirement Fund|5-10.3-2-1. Establishment and Administration of Fund

Sec. 1. (a) The public employees' retirement fund of Indiana, referred to as the fund, is established to pay benefits to officers and employees of the state and its political subdivisions after specified years of service and under other specified circumstances. The purpose of the fund is to promote economy and efficiency in the administration of state and local government by providing an orderly way for members to be retired without prejudice and without inflicting hardship on the retired member.(b) The fund is a trust. The board of trustees of the Indiana public retirement system shall administer the fund and implement this article, without the supervision of the department of insurance.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.15.
IN Code § 5-10.3-2-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 2. The Public Employees' Retirement Fund|5-10.3-2-2. Interests in Fund

Sec. 2. No individual, group of persons, or entity has a right to any specific security, property, or cash other than an undivided interest in the whole fund as specified in this article.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984, SEC.3.
IN Code § 5-10.3-2-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 2. The Public Employees' Retirement Fund|5-10.3-2-3. Legislative Intent; Public Obligations

Sec. 3. 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.
IN Code § 5-10.3-2-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 2. The Public Employees' Retirement Fund|5-10.3-2-4. Participation in Fund or State Defined Contribution Plan by Qualifying Employees of Eligible Entity

Sec. 4. (a) The following definitions apply throughout this section:(1) "Defined contribution plan" refers to the public employees' defined contribution plan established under IC 5-10.3-12.(2) "Eligible entity" means an entity that is eligible but not required to participate in the public employees' retirement fund.(3) "Qualifying employee" means an employee who would be eligible under IC 5-10.3-7 to become a member of the fund, if the employee's employer were to participate in the fund.(b) Except as otherwise provided in this section, if an eligible entity wishes to offer a retirement plan to a qualifying employee, the eligible entity must provide the retirement plan to the qualifying employee by participating in the fund or the defined contribution plan.(c) If, on July 1, 2015, an eligible employer is providing a retirement plan other than the fund or the defined contribution plan to a departmental, occupational, or other definable classification of an eligible entity's employees, the qualifying employees in the departmental, occupational, or other classification of employees may continue to participate in the retirement plan, regardless of whether the qualifying employees in the departmental, occupational, or other definable classification begin employment with the eligible entity after June 30, 2015.(d) An eligible entity may offer a retirement plan other than the fund or the defined contribution plan to an employee, if the employee is not a qualifying employee.As added by P.L.241-2015, SEC.10.
IN Code § 5-10.3-3-7.1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 3. The Board of Trustees|5-10.3-3-7.1. Annual Analysis of Fund

Sec. 7.1. The board shall annually analyze for internal control purposes the fund's;(1) income and expenditures;(2) actuarial condition;(3) reserve accounts;(4) investments; and(5) such other data as necessary to interpret the fund's condition and the board's administration of the fund.As added by Acts 1979, P.L.17, SEC.7.
IN Code § 5-10.3-3-10 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 3. The Board of Trustees|5-10.3-3-10. Actuary; Duties

Sec. 10. The actuary shall perform the duties specified in this article and in IC 5-10.2 and all other duties assigned by the board.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.16.
IN Code § 5-10.3-4-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 4. State Officers of the Fund|5-10.3-4-3. Attorney General

Sec. 3. The Attorney General. The attorney general of the state is the legal advisor of the board.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-5-1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-1. Accounts in Fund

Sec. 1. Accounts in the Fund. The fund consists of separate annuity savings and retirement allowance accounts established and administered as specified in IC 5-10.2-2.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-5-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-2. Employer Contributions; Federal Money

Sec. 2. Employer Contributions; Federal Moneys. (a) The state shall make contributions to the retirement allowance account as specified in IC 5-10.2-2. Participating political subdivisions shall make contributions as specified in chapter 6 of this article.(b) If members receive compensation from federal funds, the board shall at the end of each fiscal year determine the employer's contribution, excluding administration expenses, to be paid from federal funds. The amount shall be determined by such method adopted by the board as results in an equitable sharing of the employer contribution by the federal government on account of members receiving compensation from federal funds.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-5-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-3. Investments of Assets; Management Agreements; Board Exemptions on Sale of Surplus Personal Property or State Property

Sec. 3. (a) The board shall invest its assets with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims. The board shall also diversify such investments in accordance with prudent investment standards.(b) The board may invest up to five percent (5%) of the excess of its cash working balance in debentures of the corporation for innovation development subject to IC 30-4-3-3.(c) The board is not subject to IC 4-13, IC 4-13.6, and IC 5-16 when managing real property as an investment. Any management agreements entered into by the board must ensure that the management agent acts in a prudent manner with regard to the purchase of goods and services. Contracts for the management of investment property shall be submitted to the governor, the attorney general, and the budget agency for approval. A contract for management of real property as an investment:(1) may not exceed a four (4) year term and must be based upon guidelines established by the board;(2) may provide that the property manager may collect rent and make disbursements for routine operating expenses such as utilities, cleaning, maintenance, and minor tenant finish needs;(3) must establish, consistent with the board's duty under IC 30-4-3-3(c), guidelines for the prudent management of expenditures related to routine operation and capital improvements; and(4) may provide specific guidelines for the board to purchase new properties, contract for the construction or repair of properties, and lease or sell properties without individual transactions requiring the approval of the governor, the attorney general, the Indiana department of administration, and the budget agency. However, each individual contract involving the purchase or sale of real property is subject to review and approval by the attorney general at the specific request of the attorney general.(d) Whenever the board takes bids in managing or selling real property, the board shall require a bid submitted by a trust (as defined in IC 30-4-1-1(a)) to identify all of the following:(1) Each beneficiary of the trust.(2) Each settlor empowered to revoke or modify the trust.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.51-1983, SEC.1; P.L.46-1988, SEC.3; P.L.336-1989(ss), SEC.14; P.L.1-1991, SEC.34; P.L.37-1996, SEC.1; P.L.49-1997, SEC.26; P.L.224-2003, SEC.187; P.L.32-2021, SEC.9.
IN Code § 5-10.3-5-3.1 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-3.1. Board Transactions Subject to Qualification Requirements of Internal Revenue Code

Sec. 3.1. The board's transactions under section 3 of this chapter are subject to IC 5-10.2-2-1.5.As added by P.L.55-1989, SEC.22.
IN Code § 5-10.3-5-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-4. Investments

Sec. 4. (a) Securities shall be held for the fund by banks or trust companies under a custodial agreement. Income, interest, proceeds of sale, materials, redemptions, and all other receipts from securities and other investments which the board retains for the cash working balance shall be deposited as authorized by the board.(b) The board may contract with investment counsel, trust companies, or banks to assist the board in its investment program.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988, SEC.4; P.L.55-1993, SEC.2; P.L.195-1999, SEC.19; P.L.1-2002, SEC.16; P.L.115-2009, SEC.10.
IN Code § 5-10.3-5-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-5. Custodians

Sec. 5. (a) The custodians must be banks or trust companies that are domiciled in the United States and approved by the board to:(1) act in a fiduciary capacity; and(2) manage custodial accounts;on behalf of the fund.(b) The board is authorized to accept safekeeping receipts for securities held by the custodians. Each custodian must have a combined capital and surplus of at least ten million dollars ($10,000,000) according to the last published report of condition for the bank or trust company and have physical custody of such securities. The state board of accounts is authorized to rely on safekeeping receipts from the custodian. The custodian may be authorized by the agreement to:(1) hold securities and other investments in the name of the fund, in the name of a nominee of the custodian, or in bearer form;(2) collect and receive income, interest, proceeds of sale, maturities, redemptions, and all other receipts from the securities and other investments;(3) deposit all the receipts collected and received under subdivision (2) in a custodian account or checking account as instructed by the board;(4) reinvest the receipts collected and received under subdivision (2) as directed by the board;(5) maintain accounting records and prepare reports which are required by the board and the state board of accounts; and(6) perform other services for the board as are customary and appropriate for custodians.(c) The custodian is responsible for all securities held in the name of its nominee for the fund.As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988, SEC.5; P.L.25-1994, SEC.7; P.L.72-2003, SEC.1; P.L.97-2004, SEC.19; P.L.90-2008, SEC.2.
IN Code § 5-10.3-5-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-6. Termination of Agreements

Sec. 6. Termination of Agreements and Contracts. The board may terminate contracts and custodial agreements with investment counsel, trust companies and banks and may recover securities and moneys held under the custodial agreements whenever the board considers these actions necessary to protect the fund.As added by Acts 1977, P.L.53, SEC.3.
IN Code § 5-10.3-5-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 5. Accounts; Investments|5-10.3-5-7. Actuarial Reports; Status of Reserve Account; Charges Against Difference Between Reserves in Account and Accrued Liability

Sec. 7. (a) After each fiscal year, the actuary shall report the status of the reserve account for persons receiving benefits from the fund. The report must contain a statement of the reserves in the account and the accrued liability for these persons.(b) Taking into consideration the actuary's report, the board shall after June 30, 1985, charge the costs of postretirement benefit increases against any difference between the reserves in the account and the accrued liability. However, the board may withhold from the difference, as a contingency reserve, an amount less than or equal to two percent (2%) of the reserve. If the amount of the difference is insufficient to meet the costs of the postretirement benefit increases, the excess shall be charged against each employer's account in the retirement allowance account on a prorata basis.As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss), P.L.2, SEC.3; P.L.50-1985, SEC.2.
IN Code § 5-10.3-6-0.5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 10.3. The Public Employees' Retirement Fund|Chapter 6. Participation by Political Subdivisions|5-10.3-6-0.5. "Plan"

Sec. 0.5. As used in this chapter, "plan" refers to the public employees' defined contribution plan under IC 5-10.3-12.As added by P.L.241-2015, SEC.11.