Indiana Public Retirement System, Indianapolis, increased its defined benefit asset smoothing period to five years and cut its amortization period to 20 years, said Jeff Hutson, spokesman.
The $29.1 billion system had a four-year smoothing period and a 30-year amortization period.
The amortization period reduction was recommended by staff for the system's underfunded plans — for public employees, teachers, judges, excise police, gaming agents, conservation workers and prosecuting attorneys. The plans' funding ratios range from 75% to 92%.
Its 1977 police and fire plan, which is 103% funded, will keep the 30-year period.
The system's actuaries, PricewaterhouseCoopers and Nyhart Actuary & Employee Benefits, recommended both changes.
