Bill Text: IN SB0279 | 2012 | Regular Session | Introduced
Bill Title: PERF and TRF thirteenth check.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-01-04 - First reading: referred to Committee on Pensions and Labor [SB0279 Detail]
Download: Indiana-2012-SB0279-Introduced.html
Introduced Version
SENATE BILL No. 279
_____
DIGEST OF INTRODUCED BILL
Citations Affected: None (noncode).
Synopsis: PERF and TRF thirteenth check. Provides for a thirteenth
check for public employees' retirement fund (PERF) and teachers'
retirement fund (TRF) members, survivors, and beneficiaries.
Effective: July 1, 2012.
Charbonneau
January 4, 2012, read first time and referred to Committee on Pensions and Labor.
Introduced
Second Regular Session 117th General Assembly (2012)
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
SENATE BILL No. 279
A BILL FOR AN ACT concerning pensions.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: ; (12)IN0279.1.1. -->
SECTION 1. [EFFECTIVE JULY 1, 2012] (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, 2012, 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, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. 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 Service Is: The Amount Is:
At least 5 years, but less than 10 years $150
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $375
At least 20 years, but less than 30 years $475
At least 30 years $550
(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) If two (2) or more survivors or beneficiaries of a member are entitled to an amount paid under this SECTION, the amount shall be allocated to the survivors or beneficiaries in shares using the same percentages as the percentages determined under IC 5-10.2-3-7.5 or IC 5-10.4-4-10 to pay the monthly benefit to the survivors or beneficiaries.
(f) This SECTION expires January 1, 2013.
(b) Not later than October 1, 2012, 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, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. 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 Service Is: The Amount Is:
At least 5 years, but less than 10 years $150
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $375
At least 20 years, but less than 30 years $475
At least 30 years $550
(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) If two (2) or more survivors or beneficiaries of a member are entitled to an amount paid under this SECTION, the amount shall be allocated to the survivors or beneficiaries in shares using the same percentages as the percentages determined under IC 5-10.2-3-7.5 or IC 5-10.4-4-10 to pay the monthly benefit to the survivors or beneficiaries.
(f) This SECTION expires January 1, 2013.
SOURCE: ; (12)IN0279.1.2. -->
SECTION 2. [EFFECTIVE JULY 1, 2012] (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, 2012, 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, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. 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 Service Is: The Amount Is:
At least 5 years, but less than 10 years $150
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $375
At least 20 years, but less than 30 years $475
At least 30 years $550
(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) If two (2) or more survivors or beneficiaries of a member are entitled to an amount paid under this SECTION, the amount shall be allocated to the survivors or beneficiaries in shares using the
(b) Not later than October 1, 2012, 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, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. 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 Service Is: The Amount Is:
At least 5 years, but less than 10 years $150
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $375
At least 20 years, but less than 30 years $475
At least 30 years $550
(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) If two (2) or more survivors or beneficiaries of a member are entitled to an amount paid under this SECTION, the amount shall be allocated to the survivors or beneficiaries in shares using the
same percentages as the percentages determined under
IC 5-10.2-3-7.5 or IC 5-10.3-8-15 to pay the monthly benefit to the
survivors or beneficiaries.
(f) This SECTION expires January 1, 2013.
