US - The administrative functions of the Indiana Public Employees Retirement Fund (PERF) and the Indiana Teachers' Retirement Fund (TRF) could be combined in a bid to cut costs.
A fiscal impact statement said combining the administrative functions of the PERF and the TRF could result in a on-off administrative cost saving of US$8.9m and annual savings of $1.2m.
It is also estimated that the new structure could generate some $60.5m in incremental annual investment returns.
The bill, which passed the state's senate on February 19, would create a seven member board of trustees and one executive director to oversee both plans.
As is, the $15.7bn PERF and the $6.9bn TRF each have six board members.
Terry Magid is executive director of PERF and Steve Russo is executive director of TRF.
Each scheme would continue to operate as separate pension plans if the changes go into effect on July 1, as proposed.
PERF spokesman Jeffrey Hutson declined to comment on pending legislation. TRF's Russo could not be immediately reached for comment.
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