Sec. 1. (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 the board under the fund’s retirement fund law. The 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) The Indiana public retirement system is an independent body corporate and politic. The Indiana public retirement system is not a department or agency of the state but is an independent instrumentality exercising essential government functions.

     (c) 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 not a participant in the public employees’ retirement fund on January 1, 1995, under this article or IC 5-10.3.

As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.66-1995, SEC.2; P.L.65-1995, SEC.2; P.L.119-2000, SEC.2; P.L.23-2011, SEC.7.