Skip to main content

Senate Bill (H)

DIGEST

1977 fund retirement and surviving spouse benefits. Increases the basic monthly pension benefit payable to a member of the 1977 police officers' and firefighters' pension and disability fund (1977 fund) who retires after June 30, 2019, with 20 years of service from 50% to 52% of the monthly salary of a first class patrolman or firefighter in the year the member ended active service. Increases from 60% to 70% of the member's monthly benefit the monthly benefit paid to a surviving spouse of a 1977 fund member who dies after June 30, 2019, other than in the line of duty. 1977 fund retirement and surviving spouse benefits. Increases the basic monthly pension benefit payable to a member of the 1977 police officers' and firefighters' pension and disability fund (1977 fund) who retires after June 30, 2019, with 20 years of service from 50% to 52% of the monthly salary of a first class patrolman or firefighter in the year the member ended active service. Increases from 60% to 70% of the member's monthly benefit the monthly benefit paid to a surviving spouse of a 1977 fund member who dies after June 30, 2019, other than in the line of duty. Establish a supplemental allowance reserve account (reserve account) within the 1977 fund for the purpose of paying cost of living increases in benefits required under current law. Requires the contribution rate established by the Indiana public retirement system board (board) for 2020 and each year thereafter to include a surcharge that is paid to the reserve account in an amount determined annually by the board that is necessary, based on an actuarial valuation, to fully fund the estimated future cost of living increases amortized over a term not to exceed 30 years. Requires the board, before July 1, 2019, to transfer $210,500,000 from the assets of the 1977 fund to the reserve account. ... View more