Indiana Senate Bill 524 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 4-0)
Status: Passed on May 17 2011 - 100% progression
Action: 2011-05-18 - Effective 07/01/2011
Text: Latest bill text (Enrolled) [HTML]

Establishes a defined contribution plan (plan) as an option for new state employees. A state employee who does not elect to become a member of the plan becomes a member of the public employees' retirement fund (PERF). Requires the PERF board of trustees (board) to establish the same investment options for the plan that are available for the investment of a PERF member's annuity savings account. Provides that a member's contribution to the plan is 3% of the member's compensation and is paid by the state on behalf of the member. Provides that the state's employer contribution rate for the plan is equal to the state's employer contribution rate for PERF. Provides that the amount credited from the employer's contribution rate to the member's account shall not be greater than the normal cost of PERF with any amount not credited to the member's account applied to PERF's unfunded accrued liability. Establishes a minimum state employer contribution of 3% of plan members' compensation. Establishes a five year vesting schedule for employer contributions, and requires a member who terminates state employment before the member is fully vested to forfeit amounts that are not vested. Establishes provisions for the withdrawal of amounts in member accounts. Authorizes rollover contributions to the plan. Urges the legislative council to assign to the pension management oversight commission (commission) the study of whether to create a defined contribution plan as an option for new employees of political subdivisions that participate in PERF and for new employees who are eligible to become members of the teachers' retirement fund. Requires, if the commission is assigned the topic, that the commission issue a final report containing the commission's findings and recommendations, including any recommended legislation, not later than November 1, 2011.

Public employees' defined contribution plan.

Sen. James Banks [R]

Sen. Philip Boots [R]

Sen. Greg Walker [R]

Sen. Brent Waltz [R]

2011-04-05 - House - House - Third reading: passed (Y: 96 N: 0 NV: 0 Abs: 0) [PASS]
2011-02-22 - Senate - Senate - Third reading: passed (Y: 37 N: 13 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2011-05-18		Effective 07/01/2011
2011-05-17		Public Law 22
2011-04-15		Signed by the Governor
2011-04-12		Signed by the President of the Senate
2011-04-08		Signed by the Speaker
2011-04-07		Signed by the President Pro Tempore
2011-04-05		Returned to the Senate without amendments
2011-04-05		Third reading: passed; Roll Call 408: yeas 96, nays 0
2011-04-04		Second reading: ordered engrossed
2011-04-04		Representative Davis added as cosponsor
2011-04-04		Representative Torr added as sponsor
2011-04-04		Representative Torr removed as cosponsor
2011-04-04		Representative Davis removed as sponsor
2011-03-31		Committee report: do pass, adopted
2011-03-28		First reading: referred to Committee on Employment, Labor and Pensions
2011-02-22		Cosponsors: Reps. Ellspermann and Torr
2011-02-22		House sponsor: Rep. Davis
2011-02-22		Referred to the House
2011-02-22		Third reading: passed; Roll Call 246: yeas 37 and nays 12
2011-02-21		Senator Banks added as coauthor
2011-02-21		Amendment 1 (Boots), prevailed;
2011-02-21		Amendment 2 (Tallian), failed;
2011-02-21		Second reading: amended, ordered engrossed
2011-02-21		Senator Boots added as third author
2011-02-21		Senator Waltz added as second author
2011-02-17		Committee report: amend do pass, adopted
2011-01-18		First reading: referred to Committee on Pensions and Labor
2011-01-18		Authored by Senator Walker

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=SB&docno=0524
Text	http://www.in.gov/legislative/bills/2011/IN/IN0524.1.html
Text	http://www.in.gov/legislative/bills/2011/SB/SB0524.1.html
Text	http://www.in.gov/legislative/bills/2011/SB/SB0524.2.html
Text	http://www.in.gov/legislative/bills/2011/ES/ES0524.1.html
Text	http://www.in.gov/legislative/bills/2011/SE/SE0524.1.html
Roll Call	http://www.in.gov/legislative/bills/2011/PDF/Srollcal/0246.PDF.pdf
Roll Call	http://www.in.gov/legislative/bills/2011/PDF/Hrollcal/0408.PDF.pdf