Indiana Code 8-14-15.2-9. Duties of the trustee; investment of money in the trust
(1) administer and manage the trust;
Terms Used In Indiana Code 8-14-15.2-9
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- trust: refers to the next generation trust fund established under this chapter. See Indiana Code 8-14-15.2-3
- Trustee: A person or institution holding and administering property in trust.
- trustee: refers to the trustee of the trust designated under section 8 of this chapter. See Indiana Code 8-14-15.2-4
(3) deposit in the trust any interest that accrues from the investment of these funds.
(b) Notwithstanding IC 5-13, the trustee shall invest the money in the trust not currently needed to meet the obligations of the trust in the same manner as money is invested by the Indiana public retirement system under IC 5-10.3-5. However, the trustee may not invest the money in the trust in equity securities. The trustee shall also comply with the prudent investor rule set forth in IC 30-4-3.5. The trustee may contract with investment management professionals, investment advisors, and legal counsel to assist in the investment of the trust and may pay the state expenses incurred under those contracts from the trust.
(c) IC 4-9.1-1-8 and IC 4-9.1-1-9 do not apply to a trust established under this chapter.
(d) Money in the trust fund at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.189-2018, SEC.79.