Indiana may combine retirement plans’ administration

Legislation now being considered by the Indiana State House would merge the administrations and boards of The Indiana Public Employees’ Retirement Fund and Indiana State Teachers’ Retirement Fund.

Legislation that would merge the boards and administrations of the $11.4 billion public employees fund and $6.8 billion teachers fund recently was passed by the state Senate.

One executive director would oversee the combined fund. Terren B. Magid is executive director of Indiana PERF, while Steve Russo handles the same role for TRF.

Gov. Mitch Daniels, who now appoints five of the six board members to each fund, would appoint six of the seven members to the board of a new Indiana Public Retirement System. The other trustee would continue to be the director of the state Office of Management and Budget, currently Ryan Kitchell.