Terms Used In Indiana Code > Title 5 > Article 10.2 > Chapter 2 - The Retirement Funds

• Alternate valuation date: The earlier of the date six months after the decedent
• 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.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: as used in this article , means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.2-1-1
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Employer: as used in this article means the state for employees of the state and a political subdivision or school corporation for its employees. See Indiana Code 5-10.2-1-3
• Fiduciary: A trustee, executor, or administrator.
• Fund: as used in this article means the Indiana state teachers' retirement fund and the public employees' retirement fund. See Indiana Code 5-10.2-1-2
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: as used in this article means a member of the Indiana state teachers' retirement fund or of the public employees' retirement fund. See Indiana Code 5-10.2-1-4
• miscellaneous participating entity: means an entity that participates in the public employees' retirement fund, except:

  Indiana Code 5-10.2-1-4.3

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participating political subdivision: as used in this article means a political subdivision which is participating in the public employees' retirement fund as specified in Indiana Code 5-10.2-1-5
• Retirement fund law: as used in this article means the statutes governing:

  Indiana Code 5-10.2-1-6

• school corporation: has the meaning set forth in Indiana Code 5-10.2-1-6.5
• Social Security Act: as used in this article means the act of Congress approved August 14, 1935, chapter 531, 49 Stat. See Indiana Code 5-10.2-1-7
• vested status: as used in this article means the status of having ten (10) years of creditable service. See Indiana Code 5-10.2-1-8
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5