HB 1605

Bill Subjects

Abstract

Adds a person who serves in one of the following positions on or after January 1, 2014, to the prosecuting attorneys retirement fund (PARF): (1) The state public defender or the second highest paid staff person employed by the state public defender. (2) The executive director of the public defender council of Indiana or the second highest paid staff person employed by the public defender council of Indiana. (3) The highest paid or the second highest paid staff person employed by the Indiana public defender commission. (4) A chief public defender or chief deputy public defender. Allows staff attorneys of the prosecuting attorneys council of Indiana employed on or after January 1, 2012, to participate in PARF. Changes the name of the prosecuting attorneys retirement fund to the prosecuting attorneys and public defenders retirement fund. Provides that after a participant has contributed to PARF for 22 years, the state or county shall pay the contributions to the fund for the participant. Provides that the computation of benefits is based in part on the highest salary that was paid to the participant before separation from service. Provides that 1% shall be added to the percentage used to calculate benefits for each year of service after 22 years. Provides that a reduced annual retirement benefit equals the benefit that would be payable if the participant were 65 years of age reduced by 0.10% for each month before the participant's sixty-fifth birthday. Allows a participant to receive service credit in PARF for more than one year and less than 10 years of service received by the participant in the public employees' retirement fund under certain conditions. Provides for the calculation of an offset of PARF benefits payable to a participant from a participant's public employees' retirement fund benefits based on the concurrent service and wages the participant earned in both the public employees' retirement fund and PARF. Makes corresponding changes.