IN SB0229

Increases monthly pension benefits for Public Employees' Retirement Fund members who retired or were disabled before January 1, 2018, effective after June 30, 2018, using a six-step formula that considers years of service (capped at 30 years) and retirement date.

Increases monthly pension benefits for Indiana State Teachers' Retirement Fund members who retired or were disabled before January 1, 2018, using the same six-step calculation methodology as the PERF adjustment.

Increases basic monthly pension amounts for State Police 1987 Benefit System employee beneficiaries who retired or were disabled between June 30, 1987 and July 2, 2017 by one percent (1%) of the maximum basic monthly pension for a trooper with 25 years of service as of July 1, 2018.

Modifies supplemental benefits for State Police Pre-1987 Benefit System retirees by adding new calculation formulas (subsections (e), (f), and (g)) for retirees eligible for benefits in 2018 and thereafter.

All increases are based on the member's latest retirement or disability date, do not apply to lump sum benefits, and are in addition to other increases provided by law; bill becomes effective upon passage with an emergency declaration.