IN HB1162

Provides a 3% cost of living adjustment (COLA) to monthly pension benefits for Indiana State Teachers' Retirement Fund (TRF) members, survivors, and beneficiaries who retired or became disabled before January 1, 2012

Provides a 3% cost of living adjustment (COLA) to monthly pension benefits for Public Employees' Retirement Fund (PERF) members, survivors, and beneficiaries who retired or became disabled before January 1, 2012

COLA applies only to the pension portion funded by employer contributions and does not apply to benefits payable in lump sum form

COLA takes effect July 1, 2012, and is in addition to any other increases provided by law

Introduced January 6, 2012, and referred to the Committee on Ways and Means