HB 1306-4_ Filed 02/23/2004, 10:47 Meeks R
that Engrossed House Bill 1306 be amended to read as follows:
SOURCE: Page 1, line 1; (04)MO130603.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 5-10.2-4-4; (04)MO130603.1. -->
"SECTION 1. IC 5-10.2-4-4, AS AMENDED BY P.L.195-1999,
SECTION 16, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
DECEMBER 1, 2003]: Sec. 4. (a) The computation of benefits under
this section is subject to IC 5-10.2-2-1.5 and IC 5-10.2-5-34.
(b) For retirement benefits payable on and after July 1, 1975, for a
member retired on and after January 1, 1956, the pension (p) is
computed as follows:
STEP ONE: Multiply one and one-tenths percent (1.1%) times the
average of the annual compensation (aac) and obtain a product.
STEP TWO: To obtain the pension, multiply the STEP ONE
product by the total creditable service (scr) completed by the
member on his retirement date.
p = (.011) times (aac) times (scr)
(c) Unless the member has chosen a lump sum payment under
section 2 of this chapter or elects to defer receiving in any form the
member's annuity savings account under section 2(c) of this chapter,
the annuity is the amount purchasable on the member's retirement date
by the amount credited to the member in the annuity savings account.
The amount purchasable is based on actuarial tables adopted by the
board under IC 5-10.2-2-10 at an interest rate determined by the board.
SOURCE: IC 5-10.2-5-34; (04)MO130603.2. -->
SECTION 2. IC 5-10.2-5-34, AS ADDED BY P.L.190-2003,
SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
DECEMBER 1, 2003 [(RETROACTIVE)]: Sec. 34. (a) This section:
(1) applies 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 before
December 1, 2003, or who retires after November 30, 2003;
(2) 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
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
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.".
SOURCE: Page 2, line 15; (04)MO130603.2. -->
Page 2, after line 15, begin a new paragraph and insert:
SOURCE: ; (04)MO130603.5. -->
"SECTION 5. An emergency is declared for this act.
Renumber all SECTIONS consecutively.
(Reference is to EHB 1306 as printed February 20, 2004.)
Senator MEEKS R