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Introduced Senate Bill (S)

DIGEST

Teacher's retirement fund appropriation. Requires the auditor of state to transfer $100,000,000 each state fiscal year from the pension stabilization fund to the department of education to be used by the department of education to provide supplemental funding for teacher salaries. Makes a continuing appropriation for this purpose. Requires the board of the Indiana public retirement system to revise the amortization period used by the board for the actuarial determination with regard to the pension stabilization fund to extend the amortization period for the required appropriations to the fund beyond an ending year of 2038, which was used by the Teacher's retirement fund appropriation. Requires the auditor of state to transfer $100,000,000 each state fiscal year from the pension stabilization fund to the department of education to be used by the department of education to provide supplemental funding for teacher salaries. Makes a continuing appropriation for this purpose. Requires the board of the Indiana public retirement system to revise the amortization period used by the board for the actuarial determination with regard to the pension stabilization fund to extend the amortization period for the required appropriations to the fund beyond an ending year of 2038, which was used by the board for the actuarial determination for the state fiscal year ending June 30, 2021, to an amortization period for the actuarial determination that extends beyond year 2038 in order to account for the annual transfers from the pension stabilization fund, but without any increase to contribution rates for those state fiscal years. Extends the allowable amortization period from 30 years to 37 years. ... View more