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Indiana General Assembly
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House Bill 1505


 

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House Bill 1505

ARCHIVE (2009)

Latest Information

 
DIGEST OF INTRODUCED BILL

Prosecuting attorneys retirement fund issues. Defines "salary", for purposes of computing a retirement benefit, to include the total salary paid to a participant in the prosecuting attorneys retirement fund (fund) by the state and by a county or counties. Eliminates contributions for a participant with at least 22 years of creditable service. For a participant who applies for a retirement benefit after December 31, 2010, bases the computation of the annual retirement benefit on the salary being paid for the office that the participant held at the time of the participant's separation from service. (Currently, the computation is based on the highest annual salary that was paid to the participant before separation from service.) Reduces from 0.25% to 0.10% per month the reduction factor for a retirement benefit computed for a participant who retires before 65 years of age. Provides a prorated retirement benefit for partial years of service. Makes changes to the fund's disability benefit by: (1) eliminating the minimum service required to receive a disability benefit; (2) redefining "disability"; and (3) increasing the salary percentages used to compute a disability benefit to equal the percentages used by the judges' retirement system for the same years of service. Increases the minimum annual survivor benefit from $7,000 to $12,000. Provides that benefit increases paid after December 31, 2010, to a participant who applied for a retirement benefit before January 1, 2011, or to certain terminated vested participants, are equal to the percentage by which the salary being paid for the office that the participant held at the time of the participant's separation from service increases. Increases the court administration fee from $5 to $7 for all courts except the Marion County small claims court, and directs that the additional amount be paid into the fund. (The introduced version of this bill was prepared by the pension management oversight commission.)
Current Status:
 In Committee - first House
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