IN SB0220

Grants up to 6 years of service credit in the Indiana Teachers' Retirement Fund for members with at least 10 years of in-state teaching service who served on active duty, received an honorable discharge, and are not receiving a military pension or other military service credit

Grants up to 6 years of service credit in the 1977 Police Officers' and Firefighters' Pension and Disability Fund for members who completed at least 1 year of active service, served at least 6 months on active military duty, received an honorable discharge, and are not receiving benefits from another governmental retirement system for that service

World War II veterans may use the service credit for benefits computed after June 30, 2012, while all other eligible members may use the credit only for benefits computed after June 30, 2014

Police officers and firefighters must pay contributions they would have made during their military service to receive credit, with employers required to contribute amounts necessary to amortize the liability over up to 10 years

Effective date is July 1, 2012