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Senate Bill 0072


 

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Senate Bill 0072

ARCHIVE (2008)

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DIGEST OF SB 72 (Updated March 14, 2008 3:59 pm - DI 102)

State officers; public employee benefits. Authorizes a special death benefit for a chaplain who: (1) is appointed or officially designated to serve a state law enforcement agency, a sheriff's department, a volunteer fire department, or a full-time police or fire department of a political subdivision; and (2) dies in the line of duty. Allows, after December 31, 2008, a member of the public employees' retirement fund (PERF) who: (1) is vested; (2) separates from employment; and (3) does not perform service in a covered position for at least 90 days; to elect to withdraw the entire amount in the member's annuity savings account. Provides that, unless the member has transferred the creditable service earned in PERF to another governmental retirement plan, a PERF member who elects to withdraw the entire amount in the member's annuity savings account is entitled to receive, when the member becomes eligible to receive a retirement benefit, a benefit equal to the pension provided by employer contributions. Provides that an individual elected treasurer of state takes office January 1 following the individual's election. Provides that the individual elected treasurer of state at the 2006 election vests as a member of PERF if the individual is reelected as treasurer of state at the 2010 election and serves in office until January 1, 2015. Establishes 65 years of age with at least eight years of creditable service as the normal retirement age for a state officer to whom Article 6, Section 1 of the Constitution of the State of Indiana applies. Deletes the July 1, 2007, expiration date of a provision that authorizes the treasurer of state to make investments in certain securities that have a maturity of more than two years and not more than five years. Legalizes any such investments made after June 30, 2007. Requires a member of the teachers' retirement fund or the PERF who retires with service in more than one retirement fund to choose when the member applies for retirement benefits which fund to retire from. (Current law requires a member with service in more than one retirement fund to retire from the last fund in which the member rendered service.) (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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