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IN HB1463
Bill
Status
1/14/2015
Primary Sponsor
Martin Carbaugh
Click for details
AI Summary
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Authorizes thirteenth checks in 2015 and 2016 for members of five Indiana pension systems: state teachers' retirement fund, public employees' retirement fund, state excise/gaming/conservation officers' retirement plan, state police 1987 benefit system, and state police pre-1987 benefit system.
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Payment amounts vary by creditable service: members with 5-10 years receive $125-$150, 10-20 years receive $235-$275, 20-30 years receive $325-$375, and 30+ years receive $400-$450, with eligibility based on retirement before specified December dates.
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State police beneficiaries receive one percent of the maximum basic annual pension for a trooper with 20-25 years of service, rather than fixed dollar amounts.
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Employer contributions may only be used to fund thirteenth checks if state budget appropriations are insufficient to cover the full cost.
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All sections expire January 1, 2017, and payments are not considered increases to regular pension benefits.
Legislative Description
Pension thirteenth checks Provides for a thirteenth check in 2015 and 2016 for certain members of the: (1) Indiana state teachers' retirement fund; (2) public employees' retirement fund; (3) state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan; (4) state police 1987 benefit system; and (5) state police pre-1987 benefit system. Provides that employer contributions may not be used to pay for the thirteenth checks unless, and only to the extent that, the appropriations in the state budget are insufficient to pay thirteenth checks. (This introduced version of this bill was prepared by the interim
Last Action
First Reading: referred to Committee on Employment, Labor and Pensions
1/14/2015