SB 420 Summary

• Reduces the vesting period for Public Employees' Retirement Fund (PERF) members retiring after December 31, 2010, from 10 years to 8 years of creditable service.

• Lowers the minimum monthly retirement benefit for PERF members with 8 years of creditable service from $180 to $144, effective for benefits payable after December 31, 2010.

• Maintains the 10-year vesting requirement for Indiana State Teachers' Retirement Fund members and PERF members retiring before January 1, 2011.

• Updates multiple sections of the Indiana Code to reflect the reduced 8-year vesting threshold for PERF members, including eligibility for normal retirement, survivor benefits, and service credit purchases.

• Effective July 1, 2010.