Terms Used In Indiana Code > Title 5 > Article 10.3 > Chapter 2 - The Public Employees' Retirement Fund

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Board: as used in this article means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.3-1-1
• Employer: as used in this article means the state for employees of the state and a political subdivision for its employees. See Indiana Code 5-10.3-1-2
• Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
• Member: as used in this article means persons qualifying for membership under Indiana Code 5-10.3-1-5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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. See Indiana Code 5-10.3-1-6
• Property: includes personal and real property. See Indiana Code 1-1-4-5