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IN SB0240
Bill
AI Summary
SB 240 Summary
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Amends Indiana Code section 33-39-7-16 to modify pension calculations for prosecuting attorneys retirement fund (PARF) participants.
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PARF retirement benefits are reduced by the actual pension amount a participant receives from the public employees' retirement fund (PERF) if already receiving PERF benefits at the time of PARF retirement.
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If a participant is not yet receiving PERF benefits at PARF retirement, the reduction equals the pension amount they would be entitled to receive from PERF if retiring from that fund on the same date.
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Participants whose PERF benefits exceed PARF benefits may withdraw their total contributions to PARF plus interest at a board-specified rate.
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Effective date: July 1, 2016.
Legislative Description
Prosecuting attorneys retirement fund. Provides that the pension received by a participant in the prosecuting attorneys retirement fund (PARF) upon retirement from PARF is reduced by: (1) the actual amount of the pension the participant is receiving from the public employees' retirement fund (PERF), if the participant is receiving a pension from PERF when the participant retires from PARF; or (2) if the participant is not receiving a pension from PERF when the participant retires from PARF, the amount of the pension that the participant would be entitled to receive from PERF, if the participant were also retiring from PERF
Last Action
Senator Tallian added as coauthor
1/25/2016