IndianaPension matters.
What it does
Modifies the definition of "average of the annual compensation" for a member of the public employees' retirement fund (PERF) who retires after December 31, 2026. Specifies that compensation received in contemplation of retirement is excluded from the average of the annual compensation for particular members of PERF and the Indiana state teachers' retirement fund (TRF). Repeals a provision requiring the board of trustees of the Indiana public retirement system (board) to maintain separate accounts for each unit of local government.
More detail
Provides that amounts forfeited under the public employees defined contribution plan must be used as determined by the board. (Current law requires these amounts to be used to reduce the unfunded accrued liability of PERF.) Specifies a process by which a fully vested member of the public employees' defined contribution plan or the teachers' defined contribution plan may irrevocably elect to participate in PERF or TRF, as applicable. Modifies the information that must be included in a delinquency notice to a delinquent political subdivision. Specifies the circumstances under which an employer under the 1977 police officers' and firefighters' pension and disability fund is required to pay for certain mental health care and treatment. Makes conforming amendments. (The introduced version of this bill was prepared by the interim study committee on pension management oversight.)
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 20Recommitted to Committee on Ways and Means pursuant to House Rule 126.3Latest
- Mar 20Committee report: amend do pass, adoptedMinor
- Mar 20Representative Garcia Wilburn added as cosponsor
- Mar 3First reading: referred to Committee on Employment, Labor and PensionsMinor
- Feb 21Referred to the HouseMinor
- Feb 20House sponsor: Representative Carbaugh
- Vote recorded SB 250 - Buchanan - 3rd Reading. Result: pass.Upper
- Feb 20Third reading: passed; Roll Call 180: yeas 49, nays 0Passed Senate
- Feb 18Second reading: ordered engrossedMinor
- Feb 13Senator Niezgodski added as coauthor
- Feb 13Committee report: amend do pass, adoptedMinor
- Jan 29Committee report: amend do pass adopted; reassigned to Committee on AppropriationsMinor
- Jan 13Authored by Senators Buchanan and Rogers
- Jan 13First reading: referred to Committee on Pensions and LaborIntroduced