April 8, 2003





ENGROSSED

HOUSE BILL No. 1573

_____


DIGEST OF HB 1573 (Updated April 3, 2003 6:13 PM - DI 44)



Citations Affected: IC 5-10.2.

Synopsis: PERF COLA; minimum benefit. Provides for a cost of living adjustment (COLA) for members of the public employees' retirement fund (PERF) (or their survivors or beneficiaries) for 2004. Provides for a minimum pension portion of the monthly benefit for a retired member with at least 10 years of creditable service, excluding members whose only creditable service was as an elected official.

Effective: July 1, 2003.





Kromkowski, Scholer, Friend
(SENATE SPONSORS _ MEEKS R, HUME, LUBBERS, CRAYCRAFT, HOWARD, ANTICH, MRVAN, SKINNER)




    January 16, 2003, read first time and referred to Committee on Labor and Employment.
    January 23, 2003, reported _ Do Pass. Referred to Committee on Ways and Means pursuant to Rule 127.
    February 13, 2003, reported _ Do Pass.
    February 17, 2003, read second time, ordered engrossed. Engrossed.
    February 18, 2003, read third time, passed. Yeas 90, nays 1.

SENATE ACTION

    February 24, 2003, read first time and referred to Committee on Pensions and Labor.
    March 20, 2003, amended, reported favorably _ Do Pass; reassigned to Committee on Finance.
    April 7, 2003, amended, reported favorably _ Do Pass.






April 8, 2003

First Regular Session 113th General Assembly (2003)


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 this style type.
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 this style type reconciles conflicts between statutes enacted by the 2002 Regular or Special Session of the General Assembly.


ENGROSSED

HOUSE BILL No. 1573



    A BILL FOR AN ACT to amend the Indiana Code concerning pensions.

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

SOURCE: IC 5-10.2-5-33; (03)EH1573.2.1. -->     SECTION 1. IC 5-10.2-5-33 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]: Sec. 33. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2003, 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 before January 1, 2003, shall be increased by two percent (2%).
    (b) The monthly amount of the increase described in subsection (a) payable to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) may not be less than five dollars ($5).
    (c) The increases specified in this section:
        (1) are based upon the date of the member's latest retirement or disability;
        (2) do not apply to benefits payable in a lump sum; and
        (3) are in addition to any other increase provided by law.

SOURCE: IC 5-10.2-5-34; (03)EH1573.2.2. -->     SECTION 2. IC 5-10.2-5-34 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]: Sec. 34. (a) This section does not apply to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) whose creditable service was earned only as an elected official.
    (b) In addition to any other cost of living increase provided under this chapter, the pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2003, 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 was a retired member of the fund with at least ten (10) years of creditable service and was entitled to receive a monthly benefit on December 1, 2003, may not be less than one hundred eighty dollars ($180).
    (c) The increases specified in this section:
        (1) are based upon the date of the member's latest retirement or disability;
        (2) do not apply to benefits payable in a lump sum; and
        (3) are in addition to any other increase provided by law.


EH 1573_LS 7028/DI 102

Figure

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