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IN SB0025
Bill
Status
1/3/2018
Primary Sponsor
Philip Boots
Click for details
AI Summary
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Defined benefit pension plans sponsored by political subdivisions (local governments) must be terminated if the full actuarially determined contribution is not made for 3 consecutive years
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Applies to plans that are required to file annual reports under IC 5-11-20
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Plan termination triggers are based on the contribution amount determined by the plan's actuary
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Upon termination, federal and state law governs member rights and benefit distribution
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Effective date: July 1, 2018
Legislative Description
Termination of local defined benefit plans. Requires the termination of a defined benefit plan sponsored by a political subdivision if the full actuarially determined contribution to the plan is not made for three consecutive years.
Last Action
First reading: referred to Committee on Pensions and Labor
1/3/2018