Sec. 1. Petition for Administration. (a) The members of a retirement system, other than the Indiana state teachers' retirement fund, may petition the board to assume the administration of their retirement system if:
(1) the system was in existence on March 31, 1947; and
(2) the system is maintained by the state or a political subdivision.
(b) The petition must be signed by at least sixty percent (60%) of the members of the retirement system and must be approved by the employer of the members and the trustees or administrator of the system.
As added by Acts 1977, P.L.53, SEC.3.
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