IN HB1436

Establishes pension offset calculations for prosecuting attorneys who are members of the public employees' retirement fund (PERF) defined contribution (annuity savings account only) plan, effective July 1, 2013.

For retiring participants, benefits are reduced by the pension portion (not annuity payments) that would have been payable from PERF if they had not elected the defined contribution plan.

For participants receiving disability benefits, the offset is limited to the pension portion of what would have been payable from PERF under the defined contribution plan election alternative.

For surviving spouses, the offset is reduced by subtracting the participant's contributions and earnings in their annuity savings account, and applies only the pension portion of what would have been payable under a joint and survivor option.

For dependent children of deceased participants, benefits are offset by the actuarial equivalent of the pension portion that would have been payable to a spouse (assuming the same birth date as the participant) under the joint and survivor option.