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Engrossed Senate Bill (H)

DIGEST

Pension matters. Provides that a member of the public employees' retirement fund (PERF), the Indiana state teachers' retirement fund (TRF), or the legislators' defined contribution plan who meets certain age and service requirements may withdraw all or part of the amount in the member's annuity savings account without consequence to the member's pension benefit under the fund and without separating from a covered position. Removes the requirement that a member of PERF, TRF, or the legislators' defined contribution plan wait 30 days after separating from a covered position to withdraw an amount from the member's annuity saving account. Provides that Pension matters. Provides that a member of the public employees' retirement fund (PERF), the Indiana state teachers' retirement fund (TRF), or the legislators' defined contribution plan who meets certain age and service requirements may withdraw all or part of the amount in the member's annuity savings account without consequence to the member's pension benefit under the fund and without separating from a covered position. Removes the requirement that a member of PERF, TRF, or the legislators' defined contribution plan wait 30 days after separating from a covered position to withdraw an amount from the member's annuity saving account. Provides that the board of trustees of the Indiana public retirement system may offer members an alternative option for the payment of the member's retirement benefits that does not include a minimum benefit option. (The introduced version of this bill was prepared by the interim study committee on pension management oversight.) ... View more