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IN SB0514
Bill
Status
1/14/2019
Primary Sponsor
David Niezgodski
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AI Summary
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Increases monthly pension benefits after June 30, 2019, for members of the Public Employees' Retirement Fund and Indiana State Teachers' Retirement Fund who retired or became disabled before January 1, 2019
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COLA calculation includes $10 per year of creditable service (up to 30 years) plus a percentage-based increase ranging from 1% to 3% depending on retirement date, with a maximum of $300
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State Police 1987 benefit system retirees who retired or became disabled between June 30, 1987, and July 2, 2018, receive a 1% increase based on the maximum basic monthly pension for a trooper with 25 years of service
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State Police pre-1987 benefit system retirees receive supplemental benefits equal to 50% of the difference between current and prior pension calculations for 20-year service members, with a one-time 1% adjustment for 2019
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Declared an emergency measure, taking effect immediately upon passage
Legislative Description
Pension cost of living adjustments. Provides for cost of living adjustments for certain members of the: (1) public employees' retirement fund; (2) Indiana state teachers' retirement fund; (3) state police pre-1987 benefit system; and (4) state police 1987 benefit system.
Last Action
Senator Randolph added as coauthor
2/4/2019