BD. OF TRUSTEES OF PUB. EMP. RETIRE v. Pearson

DeBRULER, Justice.

This is an appeal from a judgment of the Wayne Circuit Court entered in an action brought by the Board of Trustees (Board) of the Indiana Public Employees' Retirement Fund (PERF). The action called for the court to construe the- terms of the trust administered by the Board, and to declare whether the Board is precluded by Article XI, Section 12 of the Indiana Constitution from investing PERF money in equity securities or stocks of private corporations.

In dealing with this case, the analysis of the trial court was divided into three parts, namely: (1) The meaning of the term…