HOUSE BILL No. 1232
DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-10.3-11-4.7.
Synopsis: Pension relief fund distributions. Extends until January 1,
2011, additional distributions from the pension relief fund ensuring that
at least 50% of the pension liability of each unit of local government is
paid from the pension relief fund. (The introduced version of this bill
was prepared by the pension management oversight commission.)
Effective: July 1, 2007.
January 11, 2007, read first time and referred to Committee on Ways and Means.
First Regular Session 115th General Assembly (2007)
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HOUSE BILL No. 1232
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 5-10.3-11-4.7; (07)IN1232.1.1. -->
SECTION 1. IC 5-10.3-11-4.7, AS AMENDED BY P.L.28-2006,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2007]: Sec. 4.7. (a) In addition to the amounts distributed
under sections 4 and 4.5 of this chapter, each year the state board shall
distribute from the pension relief fund to each unit of local government
an amount determined under the following STEPS:
STEP ONE: Determine the amount of the total pension payments
to be made by the unit in the calendar year, as estimated by the
state board under section 4 of this chapter.
STEP TWO: Determine the result of:
(A) the STEP ONE result; multiplied by
(B) fifty percent (50%).
STEP THREE: Determine the amount to be distributed in the
current calendar year to the unit of local government under
section 4 of this chapter.
STEP FOUR: Determine the greater of zero (0) or the result of:
(A) the STEP TWO result; minus
(B) the STEP THREE result.
(b) The state board shall make the distributions under subsection (a)
in two (2) equal installments before July 1 and before October 2 of
(c) This section expires January 1,