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IN HB1348
Bill
Status
1/14/2019
Primary Sponsor
Charles Burton
Click for details
AI Summary
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Authorizes Indiana State Police to establish a supplemental allowance reserve account within the police benefit fund to pay postretirement benefit adjustments for beneficiaries of the state police 1987 benefit system
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Requires the state lottery commission to transfer $40,000 quarterly from the administrative trust fund to the new reserve account, totaling $160,000 annually
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Reduces the quarterly lottery surplus transfer to the Indiana public retirement system from $7,500,000 to $7,460,000 to fund the new account
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Mandates biennial actuarial reports to the interim study committee on pension management oversight starting in 2020
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Restricts the general assembly to granting postretirement benefit increases only in odd-numbered years and only if fundable from the uncommitted balance in the reserve account
Legislative Description
Supplemental allowance reserve account. Authorizes the Indiana state police to establish a supplemental allowance reserve account (account) in the police benefit fund to accumulate money for the purpose of paying postretirement benefit adjustments, including postretirement benefit increases, thirteenth checks, and other benefit changes or adjustments granted by the general assembly after June 30, 2019, to employee beneficiaries of the state police 1987 benefit system. Requires the state lottery commission to transfer $40,000 of surplus revenue each calendar quarter from the administrative trust fund to the account.
Last Action
First reading: referred to Committee on Ways and Means
1/14/2019