SENATE BILL No. 568
DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-10.2-5-42.
Synopsis: PERF COLA and thirteenth check. 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 member).
Provides for a thirteenth check based on the complete years of service
credited to a member at retirement.
Effective: July 1, 2007.
January 23, 2007, read first time and referred to Committee on Pensions and Labor.
First Regular Session 115th General Assembly (2007)
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between statutes enacted by the 2006 Regular Session of the General Assembly.
SENATE BILL No. 568
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-10.2-5-42; (07)IN0568.1.1. -->
SECTION 1. IC 5-10.2-5-42 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2007]: Sec. 42. (a) The pension portion (plus postretirement
increases to the pension portion) provided by employer
contributions of the monthly benefit payable after December 31,
2007, 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 or was disabled before January 1,
2007, shall be increased by two percent (2%).
(b) The increases specified in this section:
(1) are based on 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: ; (07)IN0568.1.2. -->
SECTION 2. [EFFECTIVE JULY 1, 2007] (a) As used in this
SECTION, "fund" refers to the public employees' retirement fund
established by IC 5-10.3-2-1.
(b) Not later than December 1, 2007, the fund shall pay the
amount determined under subsection (c) to a member of the fund
(or to a survivor or beneficiary of a member) who retired or was
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 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.