Citations Affected:
IC 5-10.2-2-1.
Synopsis: Local unit retirement and disability systems. Authorizes a
political subdivision that is not a participant in the public employees'
retirement fund (PERF) to provide, independently of PERF, retirement,
disability, and survivor benefits for its employees.
Effective: July 1, 2002.
January 7, 2002, read first time and referred to Committee on Pensions and Labor.
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
SECTION 1.
IC 5-10.2-2-1
, AS AMENDED BY P.L.119-2000,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2002]: Sec. 1. Scope; Purpose. (a) This article applies to the
Indiana state teachers' retirement fund and the public employees'
retirement fund. Each retirement fund covered by this article is a
separate retirement fund managed by its board under its retirement
fund law. Each board shall make and publish regulations which are
appropriate to the efficient administration of this article. The
obligations of the state and political subdivisions for benefit payments
are specified in each retirement fund law.
(b) Each fund is an independent body corporate and politic. A fund
is not a department or agency of the state but is an independent
instrumentality exercising essential government functions.
(c) For purposes of
IC 34-13-2
,
IC 34-13-3
, and
IC 34-13-4
, each
board, each fund, and all employees of each board or fund are public
employees (as defined in
IC 34-6-2-38
). All employees of each board
or fund employed within a classification covered by a labor agreement
to which the state is a party shall continue to remain subject to the
terms and conditions of that agreement and any successor labor
agreements entered into by the state.
(d) The benefits specified in this article and the benefits from the
Social Security Act provide the retirement, disability, and survivor
benefits for public employees and teachers. However, this article does
not prohibit a political subdivision from establishing and providing
before January 1, 1995, and continuing to provide after January 1,
1995, retirement, disability, and survivor benefits for the public
employees of the political subdivision independent of this article if the
political subdivision took action before January 1, 1995, and was is not
a participant in the public employees' retirement fund. on January 1,
1995, under this article or IC 5-10.3.