Citations Affected: IC 5-10.2-5-42.4.
Synopsis: PERF COLA and thirteenth check. Conference committee report for ESB 568.
Provides for a 2% cost of living adjustment for a retired member of the public employees'
retirement fund (PERF) (or a survivor or beneficiary of a PERF member). Provides for a
thirteenth check based on the complete years of service credited to a PERF member at retirement.
(This conference committee report removes provisions that: (1) reduce from ten to eight
the number of years of creditable service a PERF member must earn to obtain vested
status; and (2) permit former state employees who left state employment not more than six
months before vesting to purchase not more than a year's service credit in PERF.)
Effective: July 1, 2007.
Your Conference Committee appointed to confer with a like committee from the Senate upon Engrossed House Amendments to Engrossed Senate Bill No. 568 respectfully reports that said two committees have conferred and agreed as follows to wit:
that the Senate recede from its dissent from all House amendments and that
the Senate now concur in all House amendments to the bill and that the bill
be further amended as follows:
Delete everything after the enacting clause and insert the following:
disabled before January 1, 2007, and who is entitled to receive a
monthly benefit on November 1, 2007. The amount shall be paid as
a single check and is not an increase in the pension portion of the
(c) The amount paid under this SECTION to a member of the fund (or to a survivor or beneficiary of a member) who meets the requirements of subsection (b) is determined as follows:
If a Member's The Amount of the
Creditable Service Is: Check Is:
At least 5 years, but less than 10 years $25
(only in the case of a member receiving
disability retirement benefits)
At least 10 years, but less than 20 years $75
At least 20 years, but less than 30 years $150
At least 30 years $200
(d) The creditable service used to determine the amount paid to a member (or to a survivor or beneficiary of the member) under this SECTION is the creditable service that was used to compute the member's retirement benefit under IC 5-10.2-4-4, except that partial years of creditable service may not be used to determine the amount paid under this SECTION.
(e) This SECTION expires December 1, 2007.
(Reference is to ESB 568 as reprinted March 27, 2007.)
Senator MeeksRepresentative Kuzman
Senator HumeRepresentative McClain
Senate Conferees House Conferees