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IN HB1325
Bill
Status
1/12/2016
Primary Sponsor
Wes Culver
Click for details
AI Summary
HB 1325 Summary
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Replaces the "rule of 85" with a "rule of 95" for early retirement eligibility in six Indiana public retirement plans, effective July 1, 2016.
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Members retiring after June 30, 2016, must have age plus years of service equal to at least 95 (instead of 85) to qualify for early retirement, while still maintaining a minimum age of 55.
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Applies to legislators, state excise police, gaming agents, gaming control officers, conservation enforcement officers, public employees, teachers, judges, and prosecuting attorneys retirement plans.
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Maintains existing normal retirement options (age 60 with 15 years of service, or age 65 with 10 years of service) without change.
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Members retiring before July 1, 2016, continue to be eligible under the existing "rule of 85" standard.
Legislative Description
Early retirement. Replaces the "rule of 85" with a "rule of 95" for determining a member's eligibility to retire from the following public retirement plans after June 30, 2016: (1) The legislators' defined benefit plan. (2) The state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan. (3) The public employees' retirement fund. (4) The Indiana state teachers' retirement fund. (5) The Indiana judges' retirement fund. (6) The prosecuting attorneys retirement fund.
Last Action
Reassigned to Committee on Rules and Legislative Procedures
1/19/2016