1. (a) Subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the board shall establish:

   1. (1) a stable value fund as the initial regular investment program for the plan; and

   2. (2) the alternative investment programs (as described by IC 5-10.2-2-3 and IC 5-10.2-2-4 (before its expiration)) within the annuity savings account as the initial alternative investment programs for the plan.

      If the board considers it necessary or appropriate, the board may establish different or additional alternative investment programs for the plan.

2. (b) The requirements and rules that apply to the alternative investment programs within the annuity savings account are the initial requirements and rules that apply to the alternative investment programs within the plan, including the following:

   1. (1) The board's investment guidelines and limits for the alternative investment programs.
   2. (2) A member's selection of and changes to the member's investment options.
   3. (3) The valuation of a member's account.
   4. (4) The allocation and payment of administrative expenses for the alternative investment programs.
3. (c) If the board considers it necessary or appropriate, the board may establish different or additional requirements and rules that apply to the alternative investment programs within the plan.
4. (d) The board shall determine the appropriate administrative fees to be charged to the member accounts.

As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.31; P.L.193-2016, SEC.16; P.L.86-2018, SEC.17.