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SENATE ENROLLED ACT No. 568




     AN ACT to amend the Indiana Code concerning pensions.

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

    SECTION 1. IC 5-10.2-5-42.4 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 42.4. (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 disability;
        (2) do not apply to benefits payable in a lump sum; and
        (3) are in addition to any other increase provided by law.

    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 the 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 monthly benefit.
    (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.





President of the Senate



President Pro Tempore



Speaker of the House of Representatives



Governor of the State of Indiana

Date:


                Time:


SEA 568

Figure

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