February 18, 2003
HOUSE BILL No. 1326
_____
DIGEST OF HB 1326
(Updated February 12, 2003 12:42 PM - DI 96)
Citations Affected: IC 5-10.2.
Synopsis: Eligibility for PERF and TRF benefits. Eliminates the
requirement that members of the public employees' retirement fund
(PERF) and the state teachers' retirement fund (TRF) who retire under
the "rule of 85" must be at least 55 years of age.
Effective: July 1, 2003.
January 14, 2003, read first time and referred to Committee on Labor and Employment.
February 17, 2003, reported _ Do Pass. Recommitted to Committee on Ways and Means.
February 18, 2003
First Regular Session 113th General Assembly (2003)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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HOUSE BILL No. 1326
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 5-10.2-4-1; (03)HB1326.1.1. -->
SECTION 1.
IC 5-10.2-4-1
, AS AMENDED BY P.L.73-2002,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2003]: Sec. 1. (a) This subsection applies to:
(1) members of the public employees' retirement fund who retire
before July 1, 1995; and
(2) members of the Indiana state teachers' retirement fund who
retire before May 2, 1989.
A member who has reached age sixty-five (65) and has at least ten (10)
years of creditable service is eligible for normal retirement.
(b) This subsection applies to members of the Indiana state teachers'
retirement fund who retire after May 1, 1989,
and before July 1, 2003,
and to members of the public employees' retirement fund who retire
after June 30, 1995,
and before July 1, 2003, except as provided in
section 1.7 of this chapter. A member is eligible for normal retirement
if:
(1) the member is at least sixty-five (65) years of age and has at
least ten (10) years of creditable service;
(2) the member is at least sixty (60) years of age and has at least
fifteen (15) years of creditable service; or
(3) the member's age in years plus the member's years of service
is at least eighty-five (85) and the member is at least fifty-five
(55) years of age.
(c)
This subsection applies to members of the Indiana state
teachers' retirement fund and members of the public employees'
retirement fund who retire after June 30, 2003, except as provided
in section 1.7 of this chapter. A member is eligible for normal
retirement if:
(1) the member is at least sixty-five (65) years of age and has
at least ten (10) years of creditable service;
(2) the member is at least sixty (60) years of age and has at
least fifteen (15) years of creditable service; or
(3) the member's age in years plus the member's years of
service is at least eighty-five (85).
(d) A member who has reached age fifty (50) and has at least fifteen
(15) years of creditable service is eligible for early retirement with a
reduced pension.
(d) (e) A member who is eligible for normal or early retirement is
entitled to choose a retirement date on which the member's benefit
begins if the following conditions are met:
(1) The application for retirement benefits and the choice of the
date is filed on a form provided by the board.
(2) The date must be after the cessation of the member's service
and be the first day of a month.
(3) The retirement date is not more than six (6) months before the
date the application is received by the board. However, if the
board determines that a member is incompetent to file for benefits
and choose a retirement date, the retirement date may be any date
that is the first of the month after the time the member became
incompetent.