Bill Text: IN SB0249 | 2013 | Regular Session | Enrolled

Bill Title: Pension plan reporting.

Spectrum: Bipartisan Bill

Status: (Passed) 2013-05-13 - Public Law 47 [SB0249 Detail]

Download: Indiana-2013-SB0249-Enrolled.html

First Regular Session 118th General Assembly (2013)

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     AN ACT to amend the Indiana Code concerning state and local administration.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 5-10-1.5; (13)SE0249.1.1. -->
    SECTION 1. IC 5-10-1.5 IS REPEALED [EFFECTIVE JULY 1, 2013]. (Retirement Plan Reporting).
SOURCE: IC 5-10.3-11-4; (13)SE0249.1.2. -->     SECTION 2. IC 5-10.3-11-4, AS AMENDED BY P.L.146-2008, SECTION 35, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 4. (a) Monies from the pension relief fund shall be paid annually by the state board under the procedures specified in this section.
    (b) Each year, before a date set by the state board, each unit of local government must certify to the state board:
        (1) the amount of payments made during the preceding year for benefits under its pension funds covered by this chapter, referred to in this section as "pension payments";
        (2) the data determined necessary by the state board to perform an actuarial valuation of the unit's pension funds covered by this chapter;
        (3) the names required to prepare the list specified in subsection (c); and
        (4) any other information that is necessary for the state board to make distributions to units under this chapter.
A unit is ineligible to receive a distribution under this section if it does not supply the complete information required by this subsection or a substantial amount of the information required if it is accompanied by

an affidavit of the chief executive officer of the unit detailing the steps which have been taken to obtain the information and the reasons the complete information has not been obtained. This The reporting requirement of this subsection supersedes is in addition to the reporting requirement of IC 5-10-1.5 as it applies to pension funds covered by this chapter. IC 5-11-20.
    (c) Each year, before a date set by the state board, the state board shall prepare a list of all police officers and firefighters, active, retired, and deceased if their beneficiaries are eligible for benefits, who are members of a police or fire pension fund that was established before May 1, 1977. The list may not include police officers, firefighters, or their beneficiaries for whom no future benefits will be paid. The state board shall then compute the present value of the accrued liability to provide the pension and other benefits to each person on the list.
    (d) Each year, before a date set by the state board, the state board shall determine the total pension payments made by all units of local government for the preceding year and shall estimate the total pension payments to be made to all units in the calendar year in which the July 1 occurs and in the following calendar year.

     Chapter 20. Retirement Plan Reporting
    Sec. 1. This chapter applies only to a political subdivision's fiscal year beginning after December 31, 2012.
    Sec. 2. As used in this chapter, "political subdivision" means a municipality or a local government unit, entity, or instrumentality to which IC 5-11-1-4 applies. The term does not include the state or an instrumentality of the state.
    Sec. 3. (a) After December 31, 2013, a political subdivision having an employee retirement plan described in subsection (b) shall, not later than the date each year on which the political subdivision's financial reports are due under IC 5-11-1-4, make an annual report for each of the political subdivision's employee retirement plans described in subsection (b) to the state board of accounts of the information specified in section 4 of this chapter for the political subdivision's immediately preceding fiscal year, in the manner prescribed by the state examiner.
    (b) The retirement plans to which this chapter applies are the following:
        (1) Each of the retirement funds for utility employees authorized under IC 36-9.
        (2) Each county police force pension trust and trust fund authorized under IC 36-8.
        (3) Each retirement program adopted by a board of a local health department as authorized under IC 16-1-4-25 (before its repeal) or IC 16-20-1-3.
        (4) Each retirement benefit program of a joint city-county health department under IC 16-1-7-16 (before its repeal).
        (5) Each pension and retirement plan adopted by the board of trustees or governing body of a county hospital as authorized under IC 16-12.1-3-8 (before its repeal) or IC 16-22-3-11.
        (6) Each pension or retirement plan and program for hospital personnel in certain city hospitals as authorized under IC 16-12.2-5 (before its repeal) or IC 16-23-1.
        (7) Each retirement program of the health and hospital corporation of a county as authorized under IC 16-12-21-27 (before its repeal) or IC 16-22-8-34.
        (8) Each pension plan provided by a city, town, or county housing authority as authorized under IC 36-7.
        (9) Each pension and retirement program adopted by a public transportation corporation as authorized under IC 36-9.
        (10) Each system of pensions and retirement benefits of a regional transportation authority as authorized or required by IC 36-9.
        (11) Each employee pension plan adopted by the board of an airport authority under IC 8-22-3.
        (12) Each system of pensions and retirement provided by a unit under IC 36-1-3.
    (c) The department of local government finance may not approve the budget of a political subdivision or a supplemental appropriation for a political subdivision until the political subdivision files each annual report required by subsection (a).
    Sec. 4. A report required under section 3 of this chapter concerning a retirement plan must include the following information:
        (1) The basic plan parameters, including the following:
            (A) The type of plan.
            (B) The plan administrator.
            (C) The employer sponsoring the plan.
        (2) If the plan is a defined benefit plan, the following:
            (A) The plan's funding percentage ratio.
            (B) The actuarial assumptions for the plan.
            (C) The plan's investment returns for the preceding fiscal

        (3) The total amount of contributions made by the plan sponsor during the preceding fiscal year.
        (4) The number of plan participants, including the following:
            (A) The number of active participants.
            (B) The number of participants who are retired or separated from service.
        (5) Any other information concerning the plan required by the state examiner.
    Sec. 5. The state examiner shall, not later than July 1 of each year, submit a report to the general assembly in an electronic format under IC 5-14-6 that summarizes the retirement plan information received for the immediately preceding fiscal year under section 3 of this chapter.

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