IN HB1366

Increases monthly pension benefits for public employees' retirement fund members who retired or became disabled before January 1, 2016, with adjustments calculated using a six-step formula based on years of service (capped at 30 years) and retirement date, with maximum increases of $300 per month.

Provides identical cost-of-living adjustments to Indiana state teachers' retirement fund members who retired or became disabled before January 1, 2016, using the same calculation methodology as public employees.

Increases basic monthly pension amounts for state police 1987 benefit system employee beneficiaries who retired or became disabled between June 30, 1987, and July 2, 2015, by one percent of the maximum basic monthly pension for a trooper with 25 years of service as of July 1, 2016.

Modifies state police pre-1987 benefit system supplemental benefit calculations to include updated adjustment provisions for retirees eligible in 2016 and after, with multiple subsections addressing different eligibility scenarios.

Declares an emergency and makes all provisions effective upon passage.