IN SB0228

Amends IC 5-10.2-4-7 to change reference from IC 5-10.4-5-14 to IC 5-10.4-5-14.5 regarding revocable trust payments for retirement benefits, effective July 1, 2013.

Modifies IC 5-10.3-8-9 to require that loss from criminal taking of employer property be proven by court-issued restitution order following felony or misdemeanor conviction, and allows the board to withhold contributions and interest pending final resolution of criminal charges.

Creates new IC 5-10.4-5-14.5 to consolidate provisions allowing members to assign benefits for state-maintained insurance premiums and association dues (at least 20% of retired members), while making benefit transfers void.

Establishes IC 5-10.4-5-14 to include provisions allowing board reimbursement to employers for criminal taking of property and withholding of contributions pending criminal charge resolution.

Directs legislative council to assign pension management oversight commission a study of the guaranteed fund investment option in the Public Employees' Retirement Fund and Teachers' Retirement Fund, with final report due November 1, 2013.