SB 252 Summary

• Provides a one-time thirteenth check payment to retired and disabled members (or their survivors/beneficiaries) of four Indiana public pension funds: state teachers' retirement fund, public employees' retirement fund, state excise police/gaming/conservation officers' retirement fund, and state police 1987 benefit system.

• Eligible recipients must have retired or been disabled on or before December 1, 2013, and be receiving a monthly benefit on July 1, 2014; payments must be made by October 1, 2014.

• Payment amounts are calculated using a four-step formula based on years of creditable service (capped at 30 years) multiplied by $10, plus 1% of twelve times the monthly pension benefit (capped at $30,000).

• Payment is explicitly not an increase to regular pension benefits and does not affect future monthly benefit amounts.

• All provisions expire January 1, 2015, effective July 1, 2014.