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IN HB1253
Bill
Status
1/10/2017
Primary Sponsor
Wes Culver
Click for details
AI Summary
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Early retirement eligibility for new hires in five public employee retirement plans incrementally changes from "rule of 85" to "rule of 95" between July 1, 2017 and July 1, 2034, meaning the sum of age plus years of service must equal the specified number rather than 85.
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Applies to new hires in: state excise police/gaming agents/conservation officers' plan, public employees' retirement fund, Indiana state teachers' retirement fund, Indiana judges' retirement fund (1985 system), and prosecuting attorneys retirement fund.
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The threshold increases by one point every two years (86 for hires after June 30, 2017; 87 for hires after June 30, 2018; continuing through 95 for hires after June 30, 2034).
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Existing employees hired before July 1, 2017 retain the "rule of 85" standard and are not affected by the changes.
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Effective date: July 1, 2017.
Legislative Description
Early retirement of public employees. Provides that for new hires of: (1) the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan; (2) the public employees' retirement fund; (3) the Indiana state teachers' retirement fund; (4) the Indiana judges' retirement fund: 1985 retirement, disability, and death system; and (5) the prosecuting attorneys retirement fund; eligibility for early retirement according to the "rule of 85" is incrementally changed to a "rule of 95" over the period beginning July 1, 2017, and ending July 1, 2034.
Last Action
First reading: referred to Committee on Employment, Labor and Pensions
1/10/2017