Loading chat...
IN HB1464
Bill
Status
1/14/2015
Primary Sponsor
Martin Carbaugh
Click for details
AI Summary
-
Increases monthly pension benefits for public employees' retirement fund members who retired or became disabled before January 1, 2015, with adjustments calculated using a six-step formula based on years of service (capped at 30 years), current benefit amount, and retirement date (1%, 2%, or 3% depending on retirement year).
-
Increases monthly pension benefits for Indiana state teachers' retirement fund members who retired or became disabled before January 1, 2015, using an identical calculation formula as the public employees' fund.
-
Provides a 1% increase to basic monthly pension amounts for state police 1987 benefit system members who retired or became disabled between June 30, 1987, and July 2, 2014.
-
Expands state police pre-1987 benefit system supplemental benefits with new calculation methods for retirees becoming eligible in 2015 and thereafter, including formulas tied to changes in trooper wage scales.
-
Takes effect immediately upon passage and declares an emergency for the act's implementation.
Legislative Description
Pension cost of living adjustments. Provides for cost of living adjustments for certain members of the: (1) public employees' retirement fund; (2) Indiana state teachers' retirement fund; (3) the state police pre-1987 benefit system; and (4) the state police 1987 benefit system.
Last Action
First Reading: referred to Committee on Employment, Labor and Pensions
1/14/2015