SB 72 Summary

• Allows members of the Public Employees' Retirement Fund (PERF) and Indiana State Teachers' Retirement Fund (TRF) to petition their fund's board of trustees to correct errors in creditable service or benefit determinations at any time, removing the previous one-year deadline.

• Permits members to appeal the board's decision under the Administrative Orders and Procedures Law (IC 4-21.5) if no error is found and the petition was filed within six years of the original determination.

• Updates the TRF board's investment earnings distribution procedures by removing subsection structure and allowing the board to establish accounting periods through its own rules.

• Contains an emergency clause declaring this act an emergency, with most provisions effective July 1, 2010, and investment earnings distribution changes effective upon passage.