IN HB1176

Increases monthly pension benefits by 1% for members, survivors, and beneficiaries of the Indiana State Teachers' Retirement Fund (TRF) and Public Employees' Retirement Fund (PERF) who retired or became disabled before January 1, 2011, effective July 1, 2011

Authorizes one-time "thirteenth check" payments by October 1, 2011, to TRF and PERF retirees based on years of creditable service: $150 (5-10 years for disability only), $275 (10-20 years), $375 (20-30 years), or $450 (30+ years)

Provides a one-time payment to State Police 1987 benefit system retirees who retired or became disabled between July 1, 1987, and July 1, 2010, equal to 1% of the maximum annual pension for a trooper with 25 years of service

Applies the 1% COLA only to the employer-funded pension portion of benefits and excludes lump sum payments

Effective date of July 1, 2011, with the thirteenth check provisions expiring January 1, 2012