Citations Affected: IC 5-10.2-2-1.
Synopsis: Local unit participation in PERF. Provides that a political
subdivision that is not a participant in the public employees' retirement
fund (PERF) may provide, outside PERF, a system of retirement,
disability, and survivor benefits for the public employees of the
Effective: July 1, 2000.
January 10, 2000, read first time and referred to Committee on Pensions and Labor.
A BILL FOR AN ACT to amend the Indiana Code concerning
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2000]: Sec. 1. Scope; Purpose. (a)
This article applies to the Indiana state teachers' retirement fund and
the public employees' retirement fund. Each retirement fund covered
by this article is a separate retirement fund managed by its board under
its retirement fund law. Each board shall make and publish regulations
which are appropriate to the efficient administration of this article. The
obligations of the state and political subdivisions for benefit payments
are specified in each retirement fund law.
(b) The benefits specified in this article and the benefits from the Social Security Act provide the retirement, disability, and survivor benefits for public employees and teachers. However, this article does not prohibit a political subdivision from establishing and providing
before January 1, 1995, and continuing to provide after January 1,
1995, retirement, disability, and survivor benefits for the public
employees of the political subdivision independent of this article if the
political subdivision took action before January 1, 1995, and was is not
a participant in the public employees' retirement fund.
on January 1,
1995, under this article or IC 5-10.3.