Enrolled Senate Bill (S)

Co-Authored by

DIGEST

Purchase of service credit. Permits a member of the public employees' retirement fund (PERF) to purchase at full actuarial cost the member's prior service in the 1977 police officers' and firefighters' pension and disability fund (1977 fund). Requires the board of trustees of the Indiana public retirement system to transfer from the 1977 fund to PERF the member's contributions and the present value of the unreduced benefit payable upon retirement that is attributable to the member. Requires the transferred amounts to be credited against the contributions required to purchase the member's prior 1977 fund service. Permits the member's employer to Purchase of service credit. Permits a member of the public employees' retirement fund (PERF) to purchase at full actuarial cost the member's prior service in the 1977 police officers' and firefighters' pension and disability fund (1977 fund). Requires the board of trustees of the Indiana public retirement system to transfer from the 1977 fund to PERF the member's contributions and the present value of the unreduced benefit payable upon retirement that is attributable to the member. Requires the transferred amounts to be credited against the contributions required to purchase the member's prior 1977 fund service. Permits the member's employer to pay all or a part of the member's contributions required for the purchase of the member's prior 1977 fund service. Provides that credit in the 1977 fund for the service that is purchased is waived. Makes a technical correction to service purchase provisions of public pension and retirement funds. ... View more