Introduced Version
HOUSE BILL No. 1205
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-10.2-5.
Synopsis: PERF and TRF COLAs; 13th checks. Provides for a cost of
living adjustment (COLA) and thirteenth check for public employees'
retirement fund (PERF) and teachers' retirement fund (TRF) members,
survivors, and beneficiaries.
Effective: July 1, 2010.
Niezgodski
January 7, 2010, read first time and referred to Committee on Labor and Employment.
Introduced
Second Regular Session 116th General Assembly (2010)
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HOUSE BILL No. 1205
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-10.2-5-44; (10)IN1205.1.1. -->
SECTION 1. IC 5-10.2-5-44 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2010]: Sec. 44. (a) The pension portion (plus post retirement
increases to the pension portion) provided by employer
contributions of the monthly benefit payable after June 30, 2010,
to a member of the Indiana state teachers' retirement fund (or to
a survivor or beneficiary of a member of the Indiana state
teachers' retirement fund) who retired or was disabled before
January 1, 2010, shall be increased by one percent (1%).
(b) The increase specified in this section:
(1) is based on the date of the member's latest retirement or
disability;
(2) does not apply to benefits payable in a lump sum; and
(3) is in addition to any other increase provided by law.
SOURCE: IC 5-10.2-5-45; (10)IN1205.1.2. -->
SECTION 2. IC 5-10.2-5-45 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2010]:
Sec. 45. (a) The pension portion (plus post retirement
increases to the pension portion) provided by employer
contributions of the monthly benefit payable after June 30, 2010,
to a member of the public employees' retirement fund (or to a
survivor or beneficiary of a member of the public employees'
retirement fund) who retired or was disabled before January 1,
2010, shall be increased by one percent (1%).
(b) The increase specified in this section:
(1) is based on the date of the member's latest retirement or
disability;
(2) does not apply to benefits payable in a lump sum; and
(3) is in addition to any other increase provided by law.
SOURCE: ; (10)IN1205.1.3. -->
SECTION 3. [EFFECTIVE JULY 1, 2010] (a) As used in this
SECTION, "fund" refers to the Indiana state teachers' retirement
fund established by IC 5-10.4-2-1.
(b) Not later than October 1, 2010, the fund shall pay the
amount determined under subsection (c) to a member of the fund
(or to a survivor or beneficiary of a member) who retired or was
disabled before January 1, 2010, and who is entitled to receive a
monthly benefit on July 1, 2010. The amount is not an increase in
the pension portion of the monthly benefit.
(c) The amount paid under this SECTION to a member of the
fund (or to a survivor or beneficiary of a member) who meets the
requirements of subsection (b) is determined as follows:
If a Member's Creditable The Amount Is:
Service Is:
At least 5 years, but less than 10 years $125
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $235
At least 20 years, but less than 30 years $325
At least 30 years $400
(d) The creditable service used to determine the amount paid to
a member (or a survivor or beneficiary of a member) under this
SECTION is the creditable service that was used to compute the
member's retirement benefit under IC 5-10.2-4-4 except that
partial years of creditable service may not be used to determine the
amount paid under this SECTION.
(e) This SECTION expires January 1, 2011.
SOURCE: ; (10)IN1205.1.4. -->
SECTION 4. [EFFECTIVE JULY 1, 2010]
(a) As used in this
SECTION, "fund" refers to the public employees' retirement fund
established by IC 5-10.3-2-1.
(b) Not later than October 1, 2010, the fund shall pay the
amount determined under subsection (c) to a member of the fund
(or to a survivor or beneficiary of a member) who retired or was
disabled before January 1, 2010, and who is entitled to receive a
monthly benefit on July 1, 2010. The amount is not an increase in
the pension portion of the monthly benefit.
(c) The amount paid under this SECTION to a member of the
fund (or to a survivor or beneficiary of a member) who meets the
requirements of subsection (b) is determined as follows:
If a Member's Creditable The Amount Is:
Service Is:
At least 5 years, but less than 10 years $125
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $235
At least 20 years, but less than 30 years $325
At least 30 years $400
(d) The creditable service used to determine the amount paid to
a member (or a survivor or beneficiary of a member) under this
SECTION is the creditable service that was used to compute the
member's retirement benefit under IC 5-10.2-4-4 except that
partial years of creditable service may not be used to determine the
amount paid under this SECTION.
(e) This SECTION expires January 1, 2011.