HOUSE BILL No. 1506
DIGEST OF INTRODUCED BILL
Synopsis: 1977 fund cost of living adjustments. Provides that cost of
living adjustments (COLAs) for fund members and survivors under the
1977 police officers' and firefighters' pension and disability fund shall
be based on increases or decreases in the Consumer Price Index plus
1%. (Under current law, the COLAs are based on increases or
decreases in the Consumer Price Index.) Retains the current overall
limit of 3% on these increases or decreases.
Effective: Upon passage.
January 11, 2001, read first time and referred to Committee on Ways and Means.
First Regular Session 112th General Assembly (2001)
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HOUSE BILL No. 1506
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 36-8-8-15; (01)IN1506.1.1. -->
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 15. Each year the
PERF board shall determine if there has been an increase or decrease
in the Consumer Price Index (United States city average) prepared by
the United States Department of Labor by comparing the arithmetic
mean of the consumer price index for January, February, and March of
that year with the arithmetic mean for the same three (3) months of the
preceding year. If there has been an increase or a decrease, it shall be
stated as a percentage of the arithmetic mean for the preceding three
(3) month period. The percentage shall be rounded to the nearest
one-tenth of one percent (0.1%).
and may not exceed three percent
(3%). A fund member's or survivor's monthly benefit, beginning with
the July payment, shall be increased or decreased by an amount equal
to the June payment times the lesser of:
(1) the sum of the percentage increase or decrease in the
Consumer Price Index plus one percent (1%); or
(2) three percent (3%).
However, a fund member's or survivor's monthly benefit may not be
increased or decreased under this section until July of the year
following the year of the first monthly benefit payment to the fund
member or survivor. In computing a fund member's benefit, the
increase or decrease is based only on those years for which the fund
member was eligible for benefit payments under this chapter. A
monthly benefit may not be reduced below the amount of the first
monthly benefit received by the fund member or survivor.
SOURCE: ; (01)IN1506.1.2. -->
SECTION 2. An emergency is declared for this act.