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IN SB0441
Bill
Status
1/12/2017
Primary Sponsor
Greg Walker
Click for details
AI Summary
SB 441 Summary
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Establishes supplemental allowance reserve accounts in five retirement plans (legislators' defined benefit plan, EGC, PERF, and pre-1996 and 1996 TRF accounts) to fund cost of living adjustments, thirteenth checks, and other benefit changes granted after June 30, 2017.
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Requires state lottery commission to distribute $7.5 million quarterly (instead of to pension stabilization fund) to the pre-1996 TRF reserve account, effective after June 30, 2017.
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Mandates employers contribute 1% of payroll attributable to PERF, 1996 TRF, and EGC employees to applicable reserve accounts after December 31, 2017.
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Restricts benefit adjustments to odd-numbered calendar years and only if funded from uncommitted reserve account balance; requires INPRS board to report biannually on reserve account status.
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Appropriates $40,000,000 from contingency fund to PERF reserve account for postretirement benefit adjustments; effective July 1, 2017.
Legislative Description
Supplemental allowance reserve accounts. Establishes supplemental allowance reserve accounts (reserve account) within the legislators' defined benefit plan, the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan (EGC), the public employees' retirement fund (PERF), and the pre-1996 and 1996 accounts of the Indiana state teachers' retirement fund (TRF) for the purpose of paying cost of living adjustments, thirteenth checks, and other benefit changes or adjustments granted by the general assembly after June 30, 2017. Requires that, after June 30, 2017, the state lottery commission (commission) distribute each quarter $7.5 million of the surplus revenue from
Last Action
First reading: referred to Committee on Pensions and Labor
1/12/2017