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Monday, December 30, 2013

Ind. Gov't. - "Indiana pension board stands by annuity privatization plan"

Updating a number of earlier ILB entries, the most recent being this one from Oct. 26th, Dan Carden reports today in the NWI Times in a story that begins:

INDIANAPOLIS | State pension officials have rejected a legislative recommendation that they reconsider privatizing retirement annuity payments for state and local government employees, including teachers.

The trustees of the Indiana Public Retirement System voted 7-0 earlier this month to tell legislators that INPRS will continue taking steps in 2014 to transfer the annuity program to an outside provider, unless the Legislature passes a law prohibiting the move.

"The board has a fiduciary obligation to prudently manage the plan in a manner that ensures assets are available to pay promised benefits," the board said in a letter to lawmakers. "If kept in-house, there is a chance of creating unfunded liabilities."

There is much more to the story, which also links to a copy of the trustees letter to state lawmakers.

Posted by Marcia Oddi on December 30, 2013 08:38 AM
Posted to Indiana Government