February 23, 2007





SENATE BILL No. 556

_____


DIGEST OF SB 556 (Updated February 22, 2007 10:24 am - DI 113)



Citations Affected: IC 33-38; noncode.

Synopsis: Judges' pensions. Provides for a 2% increase of the monthly benefits paid to participants, survivors, and beneficiaries from the judges' 1985 retirement system after December 31, 2007. Provides for a 2% increase of the monthly benefits paid to participants, survivors, and beneficiaries from the judges' 1985 retirement system after December 31, 2008. Directs the pension management oversight commission: (1) to study the issue of implementing a judges' defined contribution plan; (2) to study inequities between the 1977 judges retirement system and the 1985 judges' retirement system; and (3) to identify ways that benefits provided by the 1977 judges' retirement system and the benefits provided by the 1985 judges' retirement system may be aligned.

Effective: Upon passage; July 1, 2007.





Kruse , Ford , Broden




    January 23, 2007, read first time and referred to Committee on Pensions and Labor.
    February 15, 2007, amended, reported favorably _ Do Pass; reassigned to Committee on Appropriations.
    February 22, 2007, amended, reported favorably _ Do Pass.






February 23, 2007


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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SENATE BILL No. 556



    A BILL FOR AN ACT to amend the Indiana Code concerning courts and court officers.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 33-38-8-24; (07)SB0556.2.1. -->     SECTION 1. IC 33-38-8-24 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 24. (a) This subsection applies to participants, survivors, and beneficiaries receiving benefits as of December 31, 2007. The amount of the monthly benefit received by a participant, survivor, or beneficiary as of December 31, 2007, shall be increased by two percent (2%). The increase under this subsection applies to monthly benefits paid after December 31, 2007.
    (b) This subsection applies to participants, survivors, and beneficiaries receiving benefits as of December 31, 2008. The amount of the monthly benefit received by a participant, survivor, or beneficiary as of December 31, 2008, shall be increased by two percent (2%). The increase under this subsection applies to monthly benefits paid after December 31, 2008.

SOURCE: ; (07)SB0556.2.2. -->     SECTION 2. [EFFECTIVE UPON PASSAGE] (a) The pension management oversight commission established by IC 2-5-12-1 shall

do the following:
        (1) Study the issue of implementing a judges' defined contribution fund.
        (2) Study any inequities that exist between the benefits provided by the 1977 judges' retirement system and the benefits provided by the 1985 judges' retirement system.
        (3) Identify the ways in which the benefits provided by the 1977 judges' retirement system and the benefits provided by the 1985 judges' retirement system may be aligned.
    (b) As part of the study under subsection (a)(1), the pension management oversight commission shall consider possible employer contribution rates by the state to a judges' defined contribution fund. The study must include a review of employer contribution rates for a judges' defined contribution fund that are consistent with employer contributions made by the state to other public pension plans.
    (c) The commission shall operate under the policies governing study committees adopted by the legislative council and shall issue a final report before November 1, 2007, concerning the issues studied under this SECTION.
    (d) This SECTION expires June 30, 2008.

SOURCE: ; (07)SB0556.2.3. -->     SECTION 3. An emergency is declared for this act.