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IN HB1037
Bill
Status
1/3/2018
Primary Sponsor
Wes Culver
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AI Summary
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Early retirement eligibility under the "Rule of 85" (age plus years of service equals 85) would be incrementally increased to a "Rule of 95" for new hires in five Indiana public employee retirement systems
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The change would be phased in over 18 years, from July 1, 2018 to July 1, 2036, with the required age-plus-service total increasing by one point every two years
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Affected retirement plans include: state excise police/gaming agents/conservation officers, public employees' retirement fund, state teachers' retirement fund, judges' retirement fund (1985 system), and prosecuting attorneys retirement fund
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Current employees hired before July 1, 2018 would retain the existing Rule of 85 eligibility for early retirement without penalty
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Employees hired after June 30, 2036 would need age plus service to equal at least 95 (while being at least 55 years old) to qualify for unreduced early retirement benefits
Legislative Description
Early retirement of public employees. Provides that for new hires of the: (1) state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan; (2) public employees' retirement fund; (3) Indiana state teachers' retirement fund; (4) Indiana judges' retirement fund: 1985 retirement, disability, and death system; and (5) 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, 2018, and ending July 1, 2036.
Last Action
First reading: referred to Committee on Employment, Labor and Pensions
1/3/2018