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Indiana Public Retirement System (INPRS) > Employers > Employer Handbook > TRF Employer Handbook: About the Teachers’ Retirement Fund TRF Employer Handbook: About the Teachers’ Retirement Fund

History

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, 2011, in accordance with Indiana law, the Indiana Public Retirement System (INPRS) is established. INPRS will administer and manage TRF, PERF, the Prosecuting Attorneys’ Retirement Fund, the 1977 Police Officers’ and Firefighters’ Pension and Disability Fund, the Legislators’ Retirement System, the Judges’ Retirement System and the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ Retirement Plan. INPRS will also oversee three non-retirement funds including the Pension Relief Fund, the Public Safety Officers’ Special Death Benefit Fund and the State Employees’ Death Benefit Fund. Each of the current funds will remain separate and will be administered by the nine-member board of trustees of INPRS.

Mission

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.

Board of Trustees

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:

  1. One (1) trustee must have experience in economics, finance, or investments.
  2. One (1) trustee must have experience in executive management or benefits administration.
  3. The Director of the Budget Agency, or his designee, shall serve on the Board.
  4. Two (2) trustees must be nominated by the Speaker of the House of Representatives, as follows:
    1. One (1) must be an active or retired member of the 1977 Fund.
    2. One (1) must be a TRF member with at least ten (10) years of creditable service.
  5. Two (2) trustees must be nominated by the President Pro Tempore of the Senate as follows:
    1. One (1) must be a member of PERF with at least ten (10) years of creditable service.
    2. One (1) must be a member of TRF with at least ten (10) years of creditable service.
  6. The Auditor of State, or his designee, shall serve on the Board.
  7. The Treasurer of State, or his designee, shall serve on the Board.

Membership and Asset Totals

As of June 30, 2011, TRF had over 153,000 active, inactive, and retired members and beneficiaries and managed approximately 9.1 billion dollars in assets.

Indiana Code and Indiana Administrative Code Governing the Indiana State Teachers’ Retirement Fund

The Indiana Code (IC) Sections 5-10.2, 5-10.4 and 5-10.5, Title 35 IAC 14 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 at http://www.in.gov/legislative/ic_iac.

Section two: Membership