Bill Text: IN HB1205 | 2010 | Regular Session | Amended
Bill Title: PERF and TRF matters.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2010-03-25 - Sections 7 through 8 effective 03/24/2010 [HB1205 Detail]
Download: Indiana-2010-HB1205-Amended.html
Citations Affected: IC 5-10.2; noncode.
Synopsis: Pensions. 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.
Provides for a one-time "thirteenth check" for employee beneficiaries
of the state police 1987 benefit system who retired or were disabled
after June 30, 1987, and before July 2, 2008, and were entitled to
receive a monthly benefit as of June 1, 2010. Provides that the amount
of the thirteenth check equals 1% of the maximum basic annual
pension amount payable to a retired state police employee in the grade
of trooper who has completed 25 years of service as of July 1, 2009.
Effective: Upon passage; July 1, 2010.
January 7, 2010, read first time and referred to Committee on Labor and Employment.
January 12, 2010, amended, reported _ Do Pass. Referred to Committee on Ways and
Means pursuant to Rule 127.
January 28, 2010, amended, reported _ Do Pass.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
(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.
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 on or before
December 1, 2009, 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.
(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 on or before December 1, 2009, 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.
(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 on or before December 1, 2009, 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.
(b) As used in this SECTION, "trust fund" has the meaning set forth in IC 10-12-1-11.
(c) Not later than July 1, 2010, the trustee shall pay from the trust fund to each employee beneficiary of the state police 1987 benefit system covered by IC 10-12-4 who:
(1) retired or was disabled after June 30, 1987, and before July 2, 2008; and
(2) is entitled to receive a monthly benefit as of June 1, 2010;
an amount equal to one percent (1%) of the maximum basic annual pension amount payable to a retired state police employee in the grade of trooper who has completed twenty-five (25) years of service as of July 1, 2009, as calculated under IC 10-12-4-7.
(d) The amount paid under this SECTION is not an increase in the monthly pension amount of an employee beneficiary.
(e) This SECTION expires June 30, 2011.
