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IN SB0525
Bill
Status
1/14/2013
Primary Sponsor
Vaneta Becker
Click for details
AI Summary
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Establishes a $500 minimum monthly pension benefit for members of the Indiana State Teachers' Retirement Fund (TRF) and Public Employees' Retirement Fund (PERF) who retired before January 1, 1980, and have at least 20 years of creditable service
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Minimum applies to the pension portion funded by employer or state contributions, including postretirement increases, for benefits payable after December 31, 2013
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Benefit increase extends to survivors or beneficiaries of eligible retired members
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Minimum benefit is in addition to any other cost of living increases provided by law and does not apply to lump sum payments
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Effective date of July 1, 2013
Legislative Description
PERF and TRF $500 minimum monthly benefit.
Last Action
First reading: referred to Committee on Pensions and Labor
1/14/2013