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IN SB0051
Bill
Status
1/6/2015
Primary Sponsor
Michael Young
Click for details
AI Summary
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Requires members and beneficiaries of all public pension funds administered by the Indiana public retirement system to receive monthly benefits only by direct deposit or board-approved methods, effective July 1, 2015.
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Repeals the previous narrower provision that applied only to public employees' retirement fund and teachers' retirement fund members.
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Expands the direct deposit requirement to apply uniformly across all public pension funds under the Indiana public retirement system.
Legislative Description
Payment of monthly pension benefits. Provides that members and beneficiaries of any public pension fund administered by the Indiana public retirement system may receive monthly benefits only by direct deposit or another method approved by the board of trustees of the Indiana public retirement system. Repeals a similar but more narrowly applicable section concerning methods of paying monthly benefits to members and beneficiaries of the public employees' retirement fund and the teachers' retirement fund.
Last Action
Senator Broden added as coauthor
1/27/2015