1 Overview 1.1 Teachers Retirement Fund The Indiana General Assembly created the Indiana Teachers’ Retirement Fund (TRF) in 1921. Since then, they have changed some laws for TRF to respond to the needs of members. As of July 1, 2010, the Board of Trustees of the Indiana State Teachers’ Retirement Fund (TRF) and the Public Employees’ Retirement Fund (PERF) were required to appoint and compensate a common director for TRF and PERF. Effective July 1, 2011, the Indiana Public Retirement System (“INPRS”) was established under Indiana law. INPRS administers and manages TRF. An executive director carries out the policies set by the board and manages the fund on a daily basis. See IC 5-10.5 for more information. A TRF Hybrid benefit has two parts: a defined benefit (DB) and defined contribution (DC, formerly known as annuity savings account [ASA]). The purpose of TRF is to provide retirement income for the exclusive benefit of eligible employees of participating employers and their designated beneficiaries subject to the conditions set forth herein. This Fund is intended to be a tax-exempt qualified trust under sections 401(a) and 501 of the Internal Revenue Code as sponsored by a governmental agency. This handbook covers information about the TRF Hybrid Plan only. 1.2 Indiana Code Governing TRF Hybrid The laws and regulations governing TRF Hybrid may be found in IC 5-10.2, IC 5-10.4, IC 5-10.5, 35 IAC, and Internal Revenue Code Section 401, as well as specific resolutions adopted by the Board of Trustees. These codes are available online at the Indiana General Assembly website. The content of this member handbook does not constitute legal advice, and nothing herein should be considered a legal opinion. In the event of a discrepancy between information in this handbook and the laws of the State of Indiana, the applicable laws shall apply. 1.3 Administration of System and Funds Indiana Public Retirement System (INPRS) administers 16 funds (eight defined benefit, five defined contribution, two other post-employment benefit, and one custodial). In accordance with Indiana Code (IC) 5-10.5-2-3, INPRS is governed by a nine-member Board of Trustees, appointed by the Governor. INPRS combined membership totals over 500,000 members representing more than 1,250 participating employers including public universities, school corporations, municipalities, and State agencies. For a listing of all funds and additional information about each fund, visit the Annual Reports page of the INPRS website. 1.4 Board of Trustees INPRS is governed by a nine-member Board of Trustees, appointed by the Governor. Board members serve as “fiduciaries” of the Fund, which means they are legally bound to make investment decisions with your best interest in mind. The executive director carries out the policies set by the Board and administers the Fund (IC 5-10.5). 1.5 INPRS Vision, Mission, and Values Mission: Engaged members able to realize their retirement dreams. Vision: As fiduciaries, educate stakeholders, collect necessary contributions, and prudently manage member assets to deliver promised DB and DC benefits and services. Teachers' Retirement Fund Hybrid Plan Member Page 5 of 47 Handbook Effective: 07/01/2024