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Indiana General Assembly
Senate Bill 0128


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Senate Bill 0128

ARCHIVE (2007)

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DIGEST OF SB 128 (Updated April 28, 2007 10:48 am - DI 102)

Pensions. Allows a participant in the state excise police, gaming agent, and conservation enforcement officers' retirement plan (plan) to receive creditable service for the time a plan participant receives benefits under the state's long term disability plan. Allows a plan participant to purchase service credit for service earned in the public employees' retirement fund (PERF), the Indiana state teachers' retirement fund (TRF), the state police pension trust, or the 1977 police officers' and firefighters' pension and disability fund (1977 fund). Increases the plan participant's contribution from 3% of the first $8,500 to 4% of the participant's annual salary. Authorizes an employer to pay all or a part of the plan participant's contribution. Increases from 1% to 1 2/3% the percentage of average salary used in computing a plan participant's annual retirement allowance for years of service greater than 25. Allows a plan participant who is at least 50 years of age and has at least 25 years of creditable service to retire with a normal (unreduced) benefit. Provides that a plan participant receiving a line of duty disability benefit is entitled: (1) to receive a disability benefit for the remainder of the participant's life; and (2) to have the benefit recomputed as a normal benefit when the participant becomes 60 years of age. Allows a participant in the 1977 judges' retirement system to receive credit in the 1977 judges' retirement system for service as a full-time referee, full-time commissioner, or full-time magistrate after the participant leaves an elected term on the bench. Authorizes the transfer from the 1977 fund to PERF of service credit and contributions for certain appointed police and fire chiefs and waives all credit for the service in the 1977 fund if the transfer to PERF is made. Allows an employee beneficiary (excluding a sheriff) to authorize the trustee of a sheriff's pension trust to pay a portion of the employee beneficiary's monthly pension benefit to an insurance provider for the payment of accident, health, or long term care insurance premiums for the employee beneficiary, the employee beneficiary's spouse, or the employee beneficiary's dependents. Extends the pilot program for the defined contribution plan of the legislators' retirement system until July 1, 2010. (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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