1. (a) The legislators' retirement system is established. The system consists of the legislators' defined benefit plan described in IC 2-3.5-4 and the legislators' defined contribution plan described in IC 2-3.5-5 .

2. (b) The following funds are established:

   1. (1) The fund for the legislators' defined benefit plan.

   2. (2) The fund for the legislators' defined contribution plan.

      Each of the funds shall be administered by the board. Each of the funds is a trust, separate and distinct from all other entities, maintained for the purpose of paying benefits to participants and their beneficiaries and paying the costs associated with administering the plan.

3. (c) The board shall adopt rules under IC 4-22-2 necessary for the administration of the plans and funds described in subsections (a) and (b).

As added by P.L.6-1989, SEC.1. Amended by P.L.35-2012, SEC.5.