Introduced Version






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.





Moses, Buell




    January 11, 2007, read first time and referred to Committee on Ways and Means.







Introduced

First Regular Session 115th General Assembly (2007)


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. 1232



    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 5-10.3-11-4.7; (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 each year.
    (c) This section expires January 1, 2009. 2011.