Sec. 10. (a) If a
political subdivision with a retirement system becomes a participant, the moneys and securities in the retirement system shall be transferred to the
fund. If the securities to be transferred are not acceptable to the
board, they shall be converted to cash, which shall be transferred to the fund.
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Terms Used In Indiana Code 5-10.3-6-10
- 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
- Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
(c) The liabilities of a retirement system which is transferred to the fund are not liabilities of the fund, except as provided by agreement between the fund and the political subdivision.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.19.
