HB 1048-4_ Filed 04/07/2011, 09:02 Young R Michael

SENATE MOTION


MADAM PRESIDENT:

    I move
that Engrossed House Bill 1048 be amended to read as follows:

SOURCE: Page 11, line 3; (11)MO104803.11. -->     Page 11, between lines 3 and 4, begin a new paragraph and insert:
SOURCE: IC 5-10.5-4-1; (11)MO104803.4. -->     "SECTION 4. IC 5-10.5-4-1, AS ADDED BY SEA 549-2011, SECTION 22, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 1. 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 annually 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 pension management oversight commission, 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 pension management oversight commission. The report must be submitted to the pension management oversight commission in an electronic format pursuant to IC 5-14-6.
        (14) Establish a code of ethics or decide to be under the jurisdiction and rules adopted by the state ethics commission.
        (15) (14) Provide the necessary forms for administering the fund.
        (16) (15) Submit to the auditor of state or the treasurer of state vouchers or reports necessary to claim an amount due from the state to the system.".
    Renumber all SECTIONS consecutively.
    (Reference is to EHB 1048 as printed April 1, 2011.)

________________________________________

Senator YOUNG R MICHAEL


MO104803/DI 102
2011