Introduced Version






HOUSE BILL No. 1223

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 5-10.2-5.

Synopsis: PERF and TRF minimum benefit. Provides that the pension portion of the monthly benefit payable after December 31, 2013, to a member of the Indiana state teachers' retirement fund (TRF) or a member of the public employees' retirement fund (PERF) who retired before January 1, 1980, and has at least 20 years of creditable service may not be less than $500.

Effective: July 1, 2013.





Burton




    January 14, 2013, read first time and referred to Committee on Employment, Labor and Pensions.







Introduced

First Regular Session 118th General Assembly (2013)


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. 1223



    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 5-10.2-5-44; (13)IN1223.1.1. -->     SECTION 1. IC 5-10.2-5-44 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 44. (a) In addition to any other cost of living increase provided under this chapter or IC 5-10.4-6, the pension portion (plus postretirement increases to the pension portion) provided by employer or state contributions of the monthly benefit payable after December 31, 2013, to a member of the Indiana state teachers' retirement fund (or to a survivor or beneficiary of a member of the Indiana state teachers' retirement fund) who retired before January 1, 1980, and has at least twenty (20) years of creditable service may not be less than five hundred dollars ($500).
     (b) The increases specified in this section:
        (1) are based on the date of the member's latest retirement;
        (2) do not apply to benefits payable in a lump sum; and
        (3) are in addition to any other increase provided by law.

SOURCE: IC 5-10.2-5-45; (13)IN1223.1.2. -->     SECTION 2. IC 5-10.2-5-45 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY

1, 2013]: Sec. 45. (a) In addition to any other cost of living increase provided under this chapter or IC 5-10.3-8, the pension portion (plus postretirement increases to the pension portion) provided by employer or state contributions of the monthly benefit payable after December 31, 2013, 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 before January 1, 1980, and has at least twenty (20) years of creditable service may not be less than five hundred dollars ($500).
     (b) The increases specified in this section:
        (1) are based on the date of the member's latest retirement;
        (2) do not apply to benefits payable in a lump sum; and
        (3) are in addition to any other increase provided by law.