Indiana 2024 Regular Session

Indiana Senate Bill SB0038 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	SENATE BILL No. 38
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: Noncode.
7	7	Synopsis: Thirteenth check. Provides for a thirteenth check for certain
8	8	members, participants, or beneficiaries of the: (1) Indiana state
9	9	teachers' retirement fund; (2) Indiana public employees' retirement
10	10	fund; (3) state excise police, gaming agent, gaming control officer, and
11	11	conservation enforcement officers' retirement plan; (4) state police
12	12	pre-1987 benefit system; and (5) state police 1987 benefit system.
13	13	Provides for a $50 payment to members of the Indiana state teachers'
14	14	retirement fund and Indiana public employees' retirement fund, and to
15	15	participants of the state excise police, gaming agent, gaming control
16	16	officer, and conservation enforcement officers' retirement plan.
17	17	Effective: July 1, 2024.
18	18	Niezgodski
19	19	January 8, 2024, read first time and referred to Committee on Pensions and Labor.
20	20	2024 IN 38—LS 6275/DI 153 Introduced
21	21	Second Regular Session of the 123rd General Assembly (2024)
22	22	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
23	23	Constitution) is being amended, the text of the existing provision will appear in this style type,
24	24	additions will appear in this style type, and deletions will appear in this style type.
25	25	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
26	26	provision adopted), the text of the new provision will appear in this style type. Also, the
27	27	word NEW will appear in that style type in the introductory clause of each SECTION that adds
28	28	a new provision to the Indiana Code or the Indiana Constitution.
29	29	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
30	30	between statutes enacted by the 2023 Regular Session of the General Assembly.
31	31	SENATE BILL No. 38
32	32	A BILL FOR AN ACT concerning pensions.
33	33	Be it enacted by the General Assembly of the State of Indiana:
34	34	1 SECTION 1. [EFFECTIVE JULY 1, 2024] (a) As used in this
35	35	2 SECTION, "fund" refers to the Indiana state teachers' retirement
36	36	3 fund established by IC 5-10.4-2-1.
37	37	4 (b) As used in this SECTION, "supplemental allowance reserve
38	38	5 account" refers to the supplemental allowance reserve account
39	39	6 established by IC 5-10.2-2-2(c)(3).
40	40	7 (c) Not later than October 1, 2024, the supplemental allowance
41	41	8 reserve account shall pay the amount determined under subsection
42	42	9 (d) to a member of the fund (or to a survivor or beneficiary of a
43	43	10 member) who retired or was disabled on or before December 1,
44	44	11 2023, and who is entitled to receive a monthly benefit on July 1,
45	45	12 2024. The amount is not an increase in the pension portion of the
46	46	13 monthly benefit.
47	47	14 (d) The amount paid under subsection (c) to a member of the
48	48	15 fund (or to a survivor or beneficiary of a member) who meets the
49	49	16 requirements of subsection (c) is determined as follows:
50	50	17 If a Member's Creditable The Amount Is:
51	51	18 Service Is:
52	52	2024 IN 38—LS 6275/DI 153 2
53	53	1 At least 5 years, but less than 10 years $150
54	54	2 (only in the case of a member receiving
55	55	3 disability retirement benefits)
56	56	4 At least 10 years, but less than 20 years $275
57	57	5 At least 20 years, but less than 30 years $375
58	58	6 At least 30 years $450
59	59	7 (e) The creditable service used to determine the amount paid to
60	60	8 a member (or to a survivor or beneficiary of a member) under
61	61	9 subsection (c) is the creditable service that was used to compute the
62	62	10 member's retirement benefit under IC 5-10.2-4-4, except that
63	63	11 partial years of creditable service may not be used to determine the
64	64	12 amount paid under subsection (c).
65	65	13 (f) If two (2) or more survivors or beneficiaries of a member are
66	66	14 entitled to an amount paid under subsection (c), the amount shall
67	67	15 be allocated to the survivors or beneficiaries in shares using the
68	68	16 same percentages as the percentages determined under
69	69	17 IC 5-10.2-3-7.5 or IC 5-10.4-4-10 to pay the monthly benefit to the
70	70	18 survivors or beneficiaries.
71	71	19 (g) Not later than October 1, 2024, either the fund or the state
72	72	20 general fund, or both, shall pay fifty dollars ($50) to a member of
73	73	21 the fund (or to a survivor or beneficiary of a member) who retired
74	74	22 or was disabled on or before December 1, 2023, and who is entitled
75	75	23 to receive a monthly benefit on July 1, 2024.
76	76	24 (h) This SECTION applies notwithstanding IC 5-10.2-12-4(b).
77	77	25 (i) This SECTION expires January 1, 2025.
78	78	26 SECTION 2. [EFFECTIVE JULY 1, 2024] (a) As used in this
79	79	27 SECTION, "fund" refers to the Indiana public employees'
80	80	28 retirement fund established by IC 5-10.3-2-1.
81	81	29 (b) As used in this SECTION, "supplemental allowance reserve
82	82	30 account" refers to the supplemental allowance reserve account
83	83	31 established by IC 5-10.2-2-2(a)(3).
84	84	32 (c) Not later than October 1, 2024, the supplemental allowance
85	85	33 reserve account shall pay the amount determined under subsection
86	86	34 (d) to a member of the fund (or to a survivor or beneficiary of a
87	87	35 member) who retired or was disabled on or before December 1,
88	88	36 2023, and who is entitled to receive a monthly benefit on July 1,
89	89	37 2024. The amount is not an increase in the pension portion of the
90	90	38 monthly benefit.
91	91	39 (d) The amount paid under subsection (c) to a member of the
92	92	40 fund (or to a survivor or beneficiary of a member) who meets the
93	93	41 requirements of subsection (c) is determined as follows:
94	94	42 If a Member's Creditable The Amount Is:
95	95	2024 IN 38—LS 6275/DI 153 3
96	96	1 Service Is:
97	97	2 At least 5 years, but less than 10 years $150
98	98	3 (only in the case of a member receiving
99	99	4 disability retirement benefits)
100	100	5 At least 10 years, but less than 20 years $275
101	101	6 At least 20 years, but less than 30 years $375
102	102	7 At least 30 years $450
103	103	8 (e) The creditable service used to determine the amount paid to
104	104	9 a member (or to a survivor or beneficiary of a member) under
105	105	10 subsection (c) is the creditable service that was used to compute the
106	106	11 member's retirement benefit under IC 5-10.2-4-4, except that
107	107	12 partial years of creditable service may not be used to determine the
108	108	13 amount paid under subsection (c).
109	109	14 (f) If two (2) or more survivors or beneficiaries of a member are
110	110	15 entitled to an amount paid under subsection (c), the amount shall
111	111	16 be allocated to the survivors or beneficiaries in shares using the
112	112	17 same percentages as the percentages determined under
113	113	18 IC 5-10.2-3-7.5 or IC 5-10.3-8-15 to pay the monthly benefit to the
114	114	19 survivors or beneficiaries.
115	115	20 (g) Not later than October 1, 2024, either the fund or the state
116	116	21 general fund, or both, shall pay fifty dollars ($50) to a member of
117	117	22 the fund (or to a survivor or beneficiary of a member) who retired
118	118	23 or was disabled on or before December 1, 2023, and who is entitled
119	119	24 to receive a monthly benefit on July 1, 2024.
120	120	25 (h) This SECTION applies notwithstanding IC 5-10.2-12-4(b).
121	121	26 (i) This SECTION expires January 1, 2025.
122	122	27 SECTION 3. [EFFECTIVE JULY 1, 2024] (a) As used in this
123	123	28 SECTION, "participant" has the meaning set forth in
124	124	29 IC 5-10-5.5-1.
125	125	30 (b) As used in this SECTION, "plan" refers to the state excise
126	126	31 police, gaming agent, gaming control officer, and conservation
127	127	32 enforcement officers' retirement plan created by IC 5-10-5.5-2.
128	128	33 (c) As used in this SECTION, "supplemental allowance reserve
129	129	34 account" refers to the supplemental allowance reserve account
130	130	35 established by IC 5-10-5.5-4(c).
131	131	36 (d) Not later than October 1, 2024, the supplemental allowance
132	132	37 reserve account shall pay the amount determined under subsection
133	133	38 (e) to a plan participant (or to a survivor or beneficiary of a plan
134	134	39 participant) who retired or was disabled on or before December 1,
135	135	40 2023, and who is entitled to receive a monthly benefit on July 1,
136	136	41 2024. The amount is not an increase in the annual retirement
137	137	42 allowance.
138	138	2024 IN 38—LS 6275/DI 153 4
139	139	1 (e) The amount paid under subsection (d) to a plan participant
140	140	2 (or to a survivor or beneficiary of a plan participant) who meets
141	141	3 the requirements of subsection (d) is determined as follows:
142	142	4 If a Plan Participant's Creditable The Amount Is:
143	143	5 Service Is:
144	144	6 At least 5 years, but less than 10 years $150
145	145	7 (only in the case of a member receiving
146	146	8 disability retirement benefits)
147	147	9 At least 10 years, but less than 20 years $275
148	148	10 At least 20 years, but less than 30 years $375
149	149	11 At least 30 years $450
150	150	12 (f) The creditable service used to determine the amount paid to
151	151	13 a plan participant (or to a survivor or beneficiary of a plan
152	152	14 participant) under subsection (d) is the creditable service that was
153	153	15 used to compute the plan participant's retirement allowance under
154	154	16 IC 5-10-5.5-10 and IC 5-10-5.5-12, except that partial years of
155	155	17 creditable service may not be used to determine the amount paid
156	156	18 under subsection (d).
157	157	19 (g) If two (2) or more survivors or beneficiaries of a plan
158	158	20 participant are entitled to an amount paid under subsection (d), the
159	159	21 amount shall be allocated to the survivors or beneficiaries in shares
160	160	22 using the same percentages as the percentages determined under
161	161	23 IC 5-10-5.5-16 to pay the monthly benefit to the survivors or
162	162	24 beneficiaries.
163	163	25 (h) Not later than October 1, 2024, either the plan or the state
164	164	26 general fund, or both, shall pay fifty dollars ($50) to a plan
165	165	27 participant (or to a survivor or beneficiary of a plan participant)
166	166	28 who retired or was disabled on or before December 1, 2023, and
167	167	29 who is entitled to receive a monthly benefit on July 1, 2024.
168	168	30 (i) This SECTION applies notwithstanding IC 5-10.2-12-4(b).
169	169	31 (j) This SECTION expires January 1, 2025.
170	170	32 SECTION 4. [EFFECTIVE JULY 1, 2024] (a) As used in this
171	171	33 SECTION, "trustee" has the meaning set forth in IC 10-12-1-10.
172	172	34 (b) As used in this SECTION, "trust fund" has the meaning set
173	173	35 forth in IC 10-12-1-11.
174	174	36 (c) Not later than October 1, 2024, the trustee shall pay from the
175	175	37 trust fund to each employee beneficiary of the state police pre-1987
176	176	38 benefit system covered by IC 10-12-3 who:
177	177	39 (1) retired or was disabled before July 2, 2023; and
178	178	40 (2) is entitled to receive a monthly benefit as of September 1,
179	179	41 2024;
180	180	42 an amount equal to one percent (1%) of the maximum basic annual
181	181	2024 IN 38—LS 6275/DI 153 5
182	182	1 pension amount payable to a retired state police employee in the
183	183	2 grade of trooper who has completed twenty (20) years of service as
184	184	3 of July 1, 2024, as calculated under IC 10-12-3-7.
185	185	4 (d) The amounts paid under this SECTION are not an increase
186	186	5 in the monthly pension amount of an employee beneficiary.
187	187	6 (e) This SECTION applies notwithstanding IC 5-10.2-12-4(b).
188	188	7 (f) This SECTION expires January 1, 2025.
189	189	8 SECTION 5. [EFFECTIVE JULY 1, 2024] (a) As used in this
190	190	9 SECTION, "trustee" has the meaning set forth in IC 10-12-1-10.
191	191	10 (b) As used in this SECTION, "trust fund" has the meaning set
192	192	11 forth in IC 10-12-1-11.
193	193	12 (c) Not later than October 1, 2024, the trustee shall pay from the
194	194	13 trust fund to each employee beneficiary of the state police 1987
195	195	14 benefit system covered by IC 10-12-4 who:
196	196	15 (1) retired or was disabled after June 30, 1987, and before
197	197	16 July 2, 2023; and
198	198	17 (2) is entitled to receive a monthly benefit as of September 1,
199	199	18 2024;
200	200	19 an amount equal to one percent (1%) of the maximum basic annual
201	201	20 pension amount payable to a retired state police employee in the
202	202	21 grade of trooper who has completed twenty-five (25) years of
203	203	22 service as of July 1, 2024, as calculated under IC 10-12-4-7.
204	204	23 (d) The amount paid under this SECTION is not an increase in
205	205	24 the monthly pension amount of an employee beneficiary.
206	206	25 (e) This SECTION applies notwithstanding IC 5-10.2-12-4(b).
207	207	26 (f) This SECTION expires January 1, 2025.
208	208	2024 IN 38—LS 6275/DI 153