SENATE BILL No. 50
DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-10.2-4-4.
Synopsis: Public employees' retirement fund multiplier. Provides that
the multiplier used in calculating pension benefits for members of the
public employees' retirement fund who retire after June 30, 2008, is
increased from 1.1% to 1.6%.
Effective: July 1, 2008.
January 8, 2008, read first time and referred to Committee on Pensions and Labor.
Second Regular Session 115th General Assembly (2008)
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SENATE BILL No. 50
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 5-10.2-4-4; (08)IN0050.1.1. -->
SECTION 1. IC 5-10.2-4-4 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 4. (a) The computation
of benefits under this section is subject to IC 5-10.2-2-1.5.
(b) For retirement benefits payable on and after July 1, 1975, for a
member retired on and after January 1, 1956, the pension (p) is
computed as follows:
STEP ONE: Multiply
one and one-tenths percent (1.1%) the
applicable percentage (ap) determined under subsection (c)
times the average of the annual compensation (aac) and obtain a
STEP TWO: To obtain the pension, multiply the STEP ONE
product by the total creditable service (scr) completed by the
his the member's
times (aac) times (scr).
(c) The applicable percentage (ap) is one (1) of the following:
(1) One and one-tenth percent (1.1%) for:
(A) a member of the Indiana state teachers' retirement
(B) a member of the public employees' retirement fund
who retires before July 1, 2008.
(2) One and six-tenths percent (1.6%) for a member of the
public employees' retirement fund who retires after June 30,
(d) Notwithstanding subsection (c), if a member of the public
employees' retirement fund terminates from reemployment after
June 30, 2008, the applicable percentage (ap) used to calculate the
member's supplemental benefit under section 10 of this chapter for
the period of reemployment is one and six-tenths percent (1.6%).
Unless the member has chosen a lump sum payment under
section 2 of this chapter or elects to defer receiving in any form the
member's annuity savings account under section 2(c) of this chapter,
the annuity is the amount purchasable on the member's retirement date
by the amount credited to the member in the annuity savings account.
The amount purchasable is based on actuarial tables adopted by the
board under IC 5-10.2-2-10 at an interest rate determined by the board.