Reprinted

February 24, 2004





ENGROSSED

HOUSE BILL No. 1306

_____


DIGEST OF HB 1306 (Updated February 23, 2004 5:38 pm - DI 102)



Citations Affected: IC 5-10.2.

Synopsis: PERF and TRF cost of living adjustment. Provides a 2% cost of living adjustment for members, survivors, and beneficiaries of the public employees' retirement fund after December 31, 2004. Provides a cost of living adjustment for members, survivors, and beneficiaries of the teachers' retirement fund after December 31, 2004.

Effective: July 1, 2004.





Kromkowski , Cheney , Herrell , Scholer
(SENATE SPONSORS _ MEEKS R, HUME, CRAYCRAFT, GARD, ZAKAS)




    January 15, 2004, read first time and referred to Committee on Labor and Employment.
    January 29, 2004, reported _ Do Pass; referred to Committee on Ways and Means pursuant to Rule 127.
    February 2, 2004, amended, reported _ Do Pass.
    February 4, 2004, read second time, ordered engrossed. Engrossed.
    February 5, 2004, read third time, passed. Yeas 91, nays 0.

SENATE ACTION

    February 9, 2004, read first time and referred to Committee on Pensions and Labor.
    February 12, 2004, reported favorably _ Do Pass; reassigned to Committee on Finance.
    February 19, 2004, amended, reported favorably _ Do Pass.
    February 23, 2004, read second time, amended, ordered engrossed.





Reprinted

February 24, 2004

Second Regular Session 113th General Assembly (2004)


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 2003 Regular Session of the General Assembly.


ENGROSSED

HOUSE BILL No. 1306



    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 5-10.2-5-36; (04)EH1306.3.1. -->     SECTION 1. IC 5-10.2-5-36 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 36. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2004, to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member) who retired or was disabled before January 1, 2004, 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) may not be less than five dollars ($5).
    (c) The increases specified in this section:
        (1) are based on 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 5-10.2-5-37; (04)EH1306.3.2. -->     SECTION 2. IC 5-10.2-5-37 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 37. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2004, to a member of the Indiana state teachers' retirement fund (or to a survivor or beneficiary of a member of the Indiana state teachers' retirement fund) who retired or was disabled:
        (1) after July 1, 1996, and before July 2, 2002, shall be increased by one percent (1%);
        (2) after July 1, 1978, and before July 2, 1996, shall be increased by two percent (2%); and
        (3) before July 2, 1978, shall be increased by three percent (3%).
    (b) 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.