Senate Enrolled Act No. 46 - Bill Summary

• Establishes a new Special Death Benefit Fund effective July 1, 2017, consolidating lump sum death benefits previously paid from multiple separate funds into a single unified fund administered by the Indiana Public Retirement System Board of Trustees.

• The Special Death Benefit Fund receives funding from general assembly appropriations, criminal justice fees, employer contributions, gifts, and investment income; any fund deficiency during a fiscal year is automatically appropriated from the state general fund.

• Transfers all existing assets and pending claims from the previous death benefit funds established under IC 5-10-10 and IC 5-10-11 to the new Special Death Benefit Fund effective July 1, 2017, with the board maintaining historical records.

• Redirects death benefits for public safety officers and state employees who die in the line of duty from the pension relief fund to the Special Death Benefit Fund, covering beneficiaries of police officers, firefighters, conservation officers, motor carrier inspectors, and other covered employees.

• Makes technical amendments to retirement benefit calculation provisions and expands rollover contribution options for members purchasing additional service credits under the public employees' and teachers' retirement funds.