Introduced Version






HOUSE BILL No. 1118

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 5-10.2-4-8.

Synopsis: Reemployment of retired TRF and PERF members. Removes the limit on the amount that a retired teachers' retirement fund (TRF) member who is reemployed in a covered position may earn each year before the member's retirement benefits stop. Provides that if a retired member of TRF or the public employees retirement fund (PERF) is reemployed in a covered position not more than 30 days after the member retired, the member's retirement benefits stop and the member must resume making contributions. (Under current law, the period is 90 days.)

Effective: July 1, 2004.





Klinker, Hinkle




    January 13, 2004, read first time and referred to Committee on Ways and Means.







Introduced

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.
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HOUSE BILL No. 1118



    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 5-10.2-4-8; (04)IN1118.1.1. -->     SECTION 1. IC 5-10.2-4-8, AS AMENDED BY P.L.246-2001, SECTION 6, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 8. (a) As used in this section, "exempt amount" means, in the case of a retired public employees' retirement fund member who has not attained the Social Security normal retirement age for unreduced benefits, twenty-five thousand dollars ($25,000), computed for the calendar year in which a the retired public employees' retirement fund member is reemployed. and computed for the fiscal year in which a retired teachers' retirement fund member is reemployed.
    (b) This subsection does not apply to a member who is a retired teachers' retirement fund member or who is employed by the department of education. If a member who is receiving retirement benefits and who has not attained the Social Security normal retirement age for unreduced benefits:
        (1) becomes reemployed in a position covered by this article; and
        (2) earns in that position more than the exempt amount;
his the member's retirement benefit payments shall stop, and the member shall begin making contributions as required in IC 5-10.2-3-2. However, employer contributions shall be made throughout the period of reemployment. The earnings limitation under this subsection does not apply to a member who has attained the Social Security normal retirement age for unreduced benefits.
    (c) If a member who is receiving retirement benefits is reemployed in a position covered by this article not more than ninety (90) thirty (30) days after the member's retirement, the member's retirement benefits shall stop, the member shall begin making contributions as required by IC 5-10.2-3-2, and employer contributions shall be made throughout the period of reemployment.
    (d) If a retired member is reemployed in a position covered by this article, section 10 of this chapter applies to the member upon the member's retirement from reemployment.
SOURCE: ; (04)IN1118.1.2. -->     SECTION 2. [EFFECTIVE JULY 1, 2004] For teachers' retirement fund members, IC 5-10.2-4-8(a) and IC 5-10.2-4-8(b), as amended by this act, apply to fiscal years that begin after June 30, 2004.