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IN HB1047
Bill
Status
1/4/2017
Primary Sponsor
Wes Culver
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AI Summary
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Reverses the default retirement plan for new state employees hired after June 30, 2017, from the public employees' retirement fund to the public employees' defined contribution plan.
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New state employees may elect to join the retirement fund by making a written, irrevocable election with the board, otherwise they automatically become members of the defined contribution plan.
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Employees who separate from state employment and later return are not entitled to make a second election regarding their retirement plan choice.
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Applies to IC 5-10.3 governing state employee pension and retirement benefits.
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Effective July 1, 2017.
Legislative Description
Default public employees' retirement plan. Provides that after June 30, 2017, an individual who becomes a full-time employee of the state for the first time becomes a member of the public employees' defined contribution plan (plan) unless the individual elects to become a member of the public employees' retirement fund (fund). (Under current law, an eligible employee becomes a member of the fund unless the employee elects to become a member of the plan.)
Last Action
First reading: referred to Committee on Employment, Labor and Pensions
1/4/2017