Background
The Indiana General Assembly created the Indiana State Teachers' Retirement Fund (TRF) in 1921. Since its establishment, the laws governing the administration of TRF have changed and expanded to respond to the needs of our members.
The Indiana Code, sections 5-10.2, 5-10.4 and Title 550 of the Indiana Administrative Code govern TRF, as well as specific resolutions adopted by the Fund's Board of Trustees. If any differences exist between the governing laws and resolutions of TRF and information found in this handbook, the laws and resolutions shall govern the resolution of the discrepancy.
Indiana Code, 5-10.4-3-1 states a six-member Board of Trustees will oversee TRF. Five trustees shall be appointed by the Governor two of which must be Indiana educators and members of the Fund. The sixth member of the Board must be a Director of the budget agency or the Director's designee. An Executive Director appointed by the Governor carries out the policies set by the Board and administers the Fund on a daily basis. Pursuant to Indiana law, the Executive Director is also required to be a TRF member.
The Board establishes investment policies; however, Indiana law places restrictions on the investment of the Fund's assets. At all times, TRF must invest its assets in accordance with the "Prudent Investor" standard. Under this standard, investment decisions are based upon the same degree of care that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a similar character with similar aims.
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