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The Indiana General Assembly created the Indiana State Teachers' Retirement Fund (TRF or Fund) in 1921. Since its establishment, the laws governing the administration of TRF have changed and expanded to respond to the needs of TRF members.
Effective July 1, 2010, the board of trustees of the Indiana State Teachers’ Retirement Fund (TRF) and the Public Employees’ Retirement Fund (PERF) was required to appoint and fix the compensation of a common director for TRF and PERF. Each fund is required to pay 50 percent of the director’s compensation and each fund is required to cooperate to the extent practicable and feasible in administering and investing the assets of the funds and in hiring investment managers, investment advisors, and other service providers.
Effective July 1, 2011, in accordance with Indiana law, the Indiana Public Retirement System (INPRS) is established. INPRS will administer and manage:
INPRS will also oversee three non-retirement funds including:
Each of the current funds will remain separate and will be administered by the nine-member board of trustees of INPRS.
We advance the achievement of retirement security for current and future retirees and beneficiaries through our delivery of operational and investment excellence, exemplary customer service and trusted stakeholder communication.
The Board establishes investment policies in accordance with the "prudent investor standard”. Under this standard, investment decisions are made with 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.
A nine-member board of trustees governs TRF. Appointed by the Governor by July 15, 2011, the board consists of the following:
As of June 30, 2013, TRF had over 141,000 active, inactive and retired members and beneficiaries and managed approximately $9.6 billion in assets.
The Indiana Code (IC) Sections 5-10.2 and 5-10.4 and 5-10.5, Title 35 of the Indiana Administrative Code (IAC), and Section 401 of the Internal Revenue Code govern TRF, as well as specific resolutions adopted by the Board of Trustees. These codes are available online at the Indiana General Assembly Web site.