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Senate Bill 0228


 

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Senate Bill 0228

ARCHIVE (2013)

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DIGEST OF SB 228 (Updated March 12, 2013 2:07 pm - DI 84)

Indiana public retirement system administrative matters. Provides that for a member of the public employees' retirement fund (PERF) who dies after June 30, 2013, the right to receive a death benefit from PERF vests with the designated beneficiary on file with PERF at the time of the member's death, as is the case under current law with the teachers' retirement fund (TRF). Provides that the board of the Indiana public retirement system (INPRS) shall elect officers by December 31 each year, rather than June 30 as specified in current law. Requires that an order for restitution be issued by the sentencing court before money may be taken from a PERF member's account to compensate an employer for a criminal taking by the member, and provides that money may be taken from a TRF member's account in the same manner as with PERF. Urges the legislative council to assign to the pension management oversight commission the task of studying the guaranteed fund, an investment option in the annuity savings account of PERF and TRF. (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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