SB 275

  • Indiana Senate Bill
  • 2024 Regular Session
  • Introduced in Senate
  • Passed Senate Feb 06, 2024
  • House
  • Governor

Pension matters.

Abstract

Provides that a state employee may affirmatively elect to enroll in the deferred compensation plan prior to the auto enroll date on day 31 of the state employee's employment. Removes a provision that sets a maximum employer surcharge for the legislators' defined benefit plan, state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan, public employees' retirement fund, and Indiana state teachers' retirement fund (fund). Requires the board of trustees of the Indiana public retirement system (board) to develop the technological and administrative capabilities sufficient to categorize fund members into separate groups in which: (1) certain members receive a service based thirteenth check; and (2) certain members receive a cost of living adjustment. Requires the board to set the surcharge rates at a level to actuarially prefund: (1) annual indexed thirteenth checks for all current retired members and beneficiaries retired before July 1, 2025; and (2) 1% annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2025. Provides that the board shall not reduce the surcharge rates from the prior year. Allows the board to increase the surcharge rates by not more than 0.1% of payroll from the prior year. Requires certain political subdivisions to present to the interim study committee on pension management oversight regarding a delinquent employee retirement plan offered by the political subdivision. Requires, effective July 1, 2025, the trustee of the state police pension trust to maintain a supplemental allowance reserve account for the purpose of paying postretirement benefit adjustments. Increases the maximum date that a member or participant of certain retirement funds can participate in the deferred retirement option plan from 36 to 60 months. Requires the member or participant to notify their employer if the member or participant elects to enter or extend the deferred retirement option plan.

Bill Sponsors (11)

Votes


Actions


Feb 19, 2024

House

Representative Cash added as cosponsor

Feb 15, 2024

House

Referred to the Committee on Ways and Means pursuant to House Rule 127

ways and means pursuant to house rule 127

House

Committee report: do pass, adopted

House

Representative Moseley added as cosponsor

Feb 12, 2024

House

First reading: referred to Committee on Employment, Labor and Pensions

  • Reading-1
  • Referral-Committee
employment, labor and pensions

Feb 07, 2024

Senate

Referred to the House

Feb 06, 2024

Senate

Third reading: passed; Roll Call 143: yeas 46, nays 2

Senate

House sponsor: Representative Thompson

Senate

Cosponsor: Representative Cherry

Senate

Senator Pol added as coauthor

Feb 05, 2024

Senate

Second reading: amended, ordered engrossed

Senate

Amendment #1 (Buchanan) prevailed; voice vote

Feb 01, 2024

Senate

Committee report: amend do pass, adopted

Senate

Senator Randolph added as coauthor

Jan 29, 2024

Senate

Senator Charbonneau added as coauthor

Jan 25, 2024

Senate

Senator Walker G added as coauthor

Senate

Committee report: do pass adopted; reassigned to Committee on Appropriations

  • Committee-Passage
  • Referral-Committee
appropriations

Senate

Senator Niezgodski added as coauthor

Jan 11, 2024

Senate

Authored by Senators Buchanan and Rogers

Senate

First reading: referred to Committee on Pensions and Labor

  • Reading-1
  • Referral-Committee
pensions and labor

Bill Text

Bill Text Versions Format
Senate Bill (H) PDF
Engrossed Senate Bill (H) PDF
Senate Bill (S) PDF PDF
Introduced Senate Bill (S) PDF

Related Documents

Document Format
No related documents.

Sources

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