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IN HB1038
Bill
Status
1/3/2018
Primary Sponsor
Wes Culver
Click for details
AI Summary
HB 1038 Summary
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Effective July 1, 2018, new state employees default to the public employees' defined contribution plan instead of the public employees' retirement fund, unless they elect otherwise.
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New school corporation employees default to the teachers' defined contribution plan instead of the teachers' retirement fund (TRF), unless they elect to join TRF.
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Employees may make a one-time, irrevocable written election to join the traditional defined benefit fund/TRF instead of the defined contribution plan.
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Employees who separate and later return to employment do not receive a second opportunity to make an election regarding plan membership.
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Amends IC 5-10.3 and IC 5-10.4 to reverse the default retirement plan enrollment for new state and school employees.
Legislative Description
Default retirement plans. Provides that after June 30, 2018, an individual who becomes a full-time employee of the state for the first time becomes a member of the public employees' defined contribution plan (plan) unless the individual elects to become a member of the public employees' retirement fund (fund). (Under current law, an eligible employee becomes a member of the fund unless the employee elects to become a member of the plan.) Provides that after June 30, 2018, an individual who begins employment for the first time in a covered position with a school corporation and is not already a
Last Action
First reading: referred to Committee on Employment, Labor and Pensions
1/3/2018