House Enrolled Act 1205 Summary

• Establishes a common director position for the Public Employees' Retirement Fund (PERF) and Indiana State Teachers' Retirement Fund (TRF), appointed jointly by both boards with compensation split 50/50 between the funds, effective July 1, 2010.

• Removes gubernatorial approval requirement for director appointments at both PERF and TRF, transferring appointment authority solely to the respective boards.

• Requires PERF and TRF boards to cooperate on administering fund assets, investing, and hiring investment managers and service providers to the extent practicable and feasible.

• Provides one-time payments to retirees and disabled members of both PERF and TRF who retired before December 1, 2009, ranging from $125 to $400 based on years of creditable service, payable by October 1, 2010.

• Provides one-time payment to State Police 1987 Benefit System retirees and disabled members who retired between July 1, 1987, and July 1, 2008, equal to 1% of the maximum basic annual pension for a 25-year trooper, payable by July 1, 2010.