IN HB1055

Provides cost of living adjustments to pension benefits for members of the public employees' retirement fund and Indiana state teachers' retirement fund who retired or were disabled before January 1, 2017, effective after June 30, 2017.

Calculates adjustments using a six-step formula based on years of creditable service (up to 30 years), monthly benefit amount, and retirement date, with maximum adjustments of $300 per month.

Applies different percentage adjustments based on retirement date: 3% for those retiring before January 1, 1986; 2% for those retiring between January 1, 1986 and December 31, 1997; and 1% for those retiring after December 31, 1997.

Increases state police 1987 benefit system pensions by 1% of the maximum basic monthly pension amount for a trooper with 25 years of service as of July 1, 2017, for employees who retired or were disabled between June 30, 1987 and July 2, 2016.

Modifies state police pre-1987 benefit system supplemental benefit calculations to establish multiple subsections governing benefit increases based on eligibility timing and previous benefit receipt.