February 22, 2005





HOUSE BILL No. 1419

_____


DIGEST OF HB 1419 (Updated February 21, 2005 1:47 pm - DI 92)



Citations Affected: IC 5-10.2.

Synopsis: TRF cost of living adjustment. Provides a cost of living adjustment for members, survivors, and beneficiaries of the teachers' retirement fund (TRF) after December 31, 2005.

Effective: July 1, 2005.





Woodruff, Smith J, Davis, Kromkowski




    January 13, 2005, read first time and referred to Committee on Employment and Labor.
    February 14, 2005, reported _ Do Pass; referred to Committee on Ways and Means pursuant to Rule 127.
    February 21, 2005, reported _ Do Pass.






February 22, 2005

First Regular Session 114th General Assembly (2005)


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. 1419



    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 5-10.2-5-38; (05)HB1419.2.1. -->     SECTION 1. IC 5-10.2-5-38 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 38. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2005, 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, 1997, and before July 2, 2003, shall be increased by one percent (1%);
        (2) after July 1, 1979, and before July 2, 1997, shall be increased by two percent (2%); and
        (3) before July 2, 1979, shall be increased by three percent (3%).
    (b) 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.