AN ACT to amend the Indiana Code concerning pensions.
board shall allow a member to make a selection or change any
existing selection at least once each quarter.
(2) The PERF board shall implement the member's selection
beginning the first day of the next calendar quarter that begins at
least thirty (30) days after the selection is received by the PERF
board. This date is the effective date of the member's selection.
(3) A member may select any combination of the available
investment funds, in ten percent (10%) increments.
(4) A member's selection remains in effect until a new selection
is made.
(5) On the effective date of a member's selection, the board shall
reallocate the member's existing balance or balances in
accordance with the member's direction, based on the market
value on the effective date.
(6) If a member does not make an investment selection of the
alternative investment programs, the member's account shall be
invested in the PERF board's general investment fund.
(7) All contributions to the member's account shall be allocated
as of the last day of the quarter in which the contributions are
received in accordance with the member's most recent effective
direction. The PERF board shall not reallocate the member's
account at any other time.
(c) When a member transfers the amount credited to the member
from one (1) alternative investment program to another alternative
investment program, the amount credited to the member shall be
valued at the market value of the member's investment, as of the day
before the effective date of the member's selection. When a member
retires, becomes disabled, dies, or withdraws from the fund, the amount
credited to the member shall be the market value of the member's
investment as of the last day of the quarter preceding the member's
distribution or annuitization at retirement, disability, death, or
withdrawal, plus contributions received after that date.
(d) The PERF board shall determine the value of each alternative
program in the defined contribution fund, as of the last day of each
calendar quarter, as follows:
(1) The market value shall exclude the employer contributions
and employee contributions received during the quarter ending on
the current allocation date.
(2) The market value as of the immediately preceding quarter end
date shall include the employer contributions and employee
contributions received during that preceding quarter.
(3) The market value as of the immediately preceding quarter end
date shall exclude benefits paid from the fund during the quarter ending on the current quarter end date.