IN SB0275 | 2024 | Regular Session
Status
Spectrum: Slight Partisan Bill (Republican 7-4)
Status: Engrossed on February 7 2024 - 50% progression, died in committee
Action: 2024-02-19 - Representative Cash added as cosponsor
Pending: House Ways and Means Committee
Text: Latest bill text (Comm Sub) [PDF]
Status: Engrossed on February 7 2024 - 50% progression, died in committee
Action: 2024-02-19 - Representative Cash added as cosponsor
Pending: House Ways and Means Committee
Text: Latest bill text (Comm Sub) [PDF]
Summary
Pension matters. Provides that a state employee may affirmatively elect to enroll in the deferred compensation plan prior to the auto enroll date on day 31 of the state employee's employment. Removes a provision that sets a maximum employer surcharge for the legislators' defined benefit plan, state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan, public employees' retirement fund, and Indiana state teachers' retirement fund (fund). Requires the board of trustees of the Indiana public retirement system (board) to develop the technological and administrative capabilities sufficient to categorize fund members into separate groups in which: (1) certain members receive a service based thirteenth check; and (2) certain members receive a cost of living adjustment. Requires the board to set the surcharge rates at a level to actuarially prefund: (1) annual indexed thirteenth checks for all current retired members and beneficiaries retired before July 1, 2025; and (2) 1% annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2025. Provides that the board shall not reduce the surcharge rates from the prior year. Allows the board to increase the surcharge rates by not more than 0.1% of payroll from the prior year. Requires certain political subdivisions to present to the interim study committee on pension management oversight regarding a delinquent employee retirement plan offered by the political subdivision. Requires, effective July 1, 2025, the trustee of the state police pension trust to maintain a supplemental allowance reserve account for the purpose of paying postretirement benefit adjustments. Increases the maximum date that a member or participant of certain retirement funds can participate in the deferred retirement option plan from 36 to 60 months. Requires the member or participant to notify their employer if the member or participant elects to enter or extend the deferred retirement option plan.
Title
Pension matters.
Sponsors
Roll Calls
2024-02-06 - Senate - Senate - Third reading (Y: 46 N: 2 NV: 0 Abs: 2) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-19 | House | Representative Cash added as cosponsor |
| 2024-02-15 | House | Referred to the Committee on Ways and Means pursuant to House Rule 127 |
| 2024-02-15 | House | Committee report: do pass, adopted |
| 2024-02-15 | House | Representative Moseley added as cosponsor |
| 2024-02-12 | House | First reading: referred to Committee on Employment, Labor and Pensions |
| 2024-02-07 | Senate | Referred to the House |
| 2024-02-06 | Senate | Senator Pol added as coauthor |
| 2024-02-06 | Senate | Cosponsor: Representative Cherry |
| 2024-02-06 | Senate | House sponsor: Representative Thompson |
| 2024-02-06 | Senate | Third reading: passed; Roll Call 143: yeas 46, nays 2 |
| 2024-02-05 | Senate | Second reading: amended, ordered engrossed |
| 2024-02-05 | Senate | Amendment #1 (Buchanan) prevailed; voice vote |
| 2024-02-01 | Senate | Senator Randolph added as coauthor |
| 2024-02-01 | Senate | Committee report: amend do pass, adopted |
| 2024-01-29 | Senate | Senator Charbonneau added as coauthor |
| 2024-01-25 | Senate | Senator Walker G added as coauthor |
| 2024-01-25 | Senate | Senator Niezgodski added as coauthor |
| 2024-01-25 | Senate | Committee report: do pass adopted; reassigned to Committee on Appropriations |
| 2024-01-11 | Senate | First reading: referred to Committee on Pensions and Labor |
| 2024-01-11 | Senate | Authored by Senators Buchanan and Rogers |
