HEA 1074 Summary

• Provides one-time payments to Indiana state teachers' retirement fund members and public employees' retirement fund members who retired or were disabled on or before December 1, 2013, with amounts ranging from $150-$450 based on creditable service years.

• Requires payments be made no later than October 1, 2014, and specifies these are not increases to pension benefits but separate one-time payments.

• Extends similar one-time payments to state excise police, gaming agents, gaming control officers, and conservation enforcement officers' retirement plan participants with amounts ranging from $125-$400.

• Provides state police pre-1987 and 1987 benefit system retirees one-time payments equal to one percent of the maximum basic annual pension for a trooper at specified service levels, payable by October 1, 2014.

• All provisions expire January 1, 2015, with multiple survivors or beneficiaries receiving allocations based on existing monthly benefit distribution percentages.