Sec. 1. The board has the powers, duties, restrictions, limitations, and penalties in connection with the board’s investment and management of the assets of the public pension and retirement funds of the system under the following provisions:

(1) IC 5-10.2-2-2.5.

(2) IC 5-10.2-2-13.

(3) IC 5-10.3-3-7.1.

(4) IC 5-10.3-5-3.

(5) IC 5-10.3-5-3.1.

(6) IC 5-10.3-5-4.

(7) IC 5-10.3-5-5.

(8) IC 5-10.3-5-6.

(9) IC 5-10.4-3-7.

(10) IC 5-10.4-3-9.

(11) IC 5-10.4-3-10.

(12) IC 5-10.4-3-11.

(13) IC 5-10.4-3-12.

(14) IC 5-10.4-3-13.

(15) IC 5-10.4-3-14.

(16) IC 5-10.4-3-15.

(17) IC 5-10.4-3-16.

(18) IC 5-10.2-14.

As added by P.L.23-2011, SEC.22. Amended by P.L.86-2018, SEC.19; P.L.206-2023, SEC.2.

   Sec. 1. The following definitions apply throughout this chapter, unless the context clearly denotes otherwise:

(1) “Americans with Disabilities Act” refers to the Americans with Disabilities Act (42 U.S.C. § 12101 et seq.) and any amendments and regulations related to the Act.

(2) “Average annual salary” means the average annual salary of an officer during the five (5) years of highest annual salary in the ten (10) years immediately preceding an officer’s retirement date, determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code.

(3) “Board” refers to the board of trustees of the Indiana public retirement system established by IC 5-10.5-3-1.

(4) “Commission” means the alcohol and tobacco commission.

(5) “Department” means the Indiana department of natural resources.

(6) “Dies in the line of duty” means death that occurs as a direct result of personal injury or illness caused by incident, accident, or violence that results from any action that the participant, in the participant’s capacity as an officer:

(A) is obligated or authorized by rule, regulation, condition of employment or service, or law to perform; or

(B) performs in the course of controlling or reducing crime or enforcing the criminal law.

The term includes a death presumed incurred in the line of duty under IC 5-10-13 for an officer who is an Indiana state excise police officer or an Indiana state conservation enforcement officer.

(7) “Interest” means the rate of interest specified by rule by the board of trustees of the Indiana public retirement system established by IC 5-10.5-3-1.

(8) “Officer” means any Indiana state excise police officer, any Indiana state conservation enforcement officer, any gaming agent, or any gaming control officer.

(9) “Participant” means any officer who has elected to participate in the retirement plan created by this chapter.

(10) “Public employees’ retirement act” means IC 5-10.3.

(11) “Public employees’ retirement fund” refers to the public employees’ retirement fund created by IC 5-10.3-2.

(12) “Salary” means the total compensation, exclusive of expense allowances, paid to any officer by the department or the commission, determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code.

(13) Other words and phrases when used in this chapter have the meanings set forth in IC 5-10.3-1.

Formerly: Acts 1972, P.L.1, SEC.1. As amended by P.L.25-1986, SEC.27; P.L.5-1992, SEC.3; P.L.4-1992, SEC.5; P.L.204-2001, SEC.10; P.L.170-2005, SEC.11; P.L.227-2007, SEC.51; P.L.16-2011, SEC.1; P.L.23-2011, SEC.3; P.L.6-2012, SEC.25; P.L.35-2012, SEC.23; P.L.6-2020, SEC.2.