Police benefit fund; duties of trustee; appropriations

Sec. 7. (a) The:

(1) mortality reserve account referred to in section 4 of this chapter;

(2) disability reserve account referred to in section 5 of this chapter; and

(3) dependent pension reserve account referred to in section 6 of this chapter;

may be commingled and operated as one (1) fund, known as the police benefit fund, under the terms of a supplementary trust agreement between the department and the trustee for the exclusive benefit of employee beneficiaries and their dependents.

(b) The trustee shall receive and hold as trustee for the uses and purposes set out in the supplementary trust agreement all funds paid to it as the trustee by the department or by any other person or persons.

(c) The trustee shall hold, invest, and reinvest the police benefit fund in:

(1) investments that trust funds are permitted to invest in under Indiana law; and

(2) other investments as may be specifically designated in the supplementary trust agreement.

(d) The trustee, with the assistance of the pension engineers, shall, not more than ninety (90) days after the close of the fiscal year, prepare and file with the department and the department of insurance a detailed annual report showing receipts, disbursements, case histories, and recommendations as to the contributions required to keep the program in operation.

(e) Contributions by the department to the police benefit fund shall be provided in the general appropriations to the department.

[Pre-2003 Recodification Citation: 10-1-2-6.]

As added by P.L.2-2003, SEC.3.