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IN HB1249
Bill
Status
1/10/2017
Primary Sponsor
Michael Karickhoff
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AI Summary
HB 1249 Summary
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Members of the Indiana state teachers' retirement fund who retired or were disabled before January 1, 2017, receive whichever is greater: a 2% cost of living adjustment or a one-time thirteenth check payment.
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The 2% adjustment applies to the pension portion of monthly benefits payable after December 31, 2017, and does not apply to lump sum benefits.
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One-time thirteenth check payments, paid by October 1, 2017, range from $150 to $450 based on creditable service: $150 for disability retirees with 5-10 years; $275 for 10-20 years; $375 for 20-30 years; and $450 for 30 or more years.
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The thirteenth check payment is not an increase to the monthly pension benefit and does not apply to benefits payable in lump sums.
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When multiple survivors or beneficiaries are entitled to the thirteenth check, the amount is allocated based on the same percentages used to distribute monthly survivor benefits.
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Effective July 1, 2017.
Legislative Description
Teachers' retirement fund benefit adjustment. Provides that a member of the Indiana state teachers' retirement fund (or the survivor or beneficiary of a member) may receive a benefit adjustment that is either: (1) a 2% cost of living adjustment; or (2) a thirteenth check; whichever is greater.
Last Action
First reading: referred to Committee on Employment, Labor and Pensions
1/10/2017