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Senate Bill 0059


Senate Bill 0059

ARCHIVE (2002)

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DIGEST OF SB59 (Updated February 26, 2002 6:52 PM - DI 84)


PERF and TRF administrative issues. Permits the pooling of the assets of the public employees' retirement fund (PERF) and the teachers' retirement fund (TRF) for investment purposes. Authorizes PERF and TRF to enter into investment contracts for a term longer than 5 years. Allows certain units in the 1977 police officers' and firefighters' pension and disability fund (1977 fund) to buy back additional members' service. Permits a PERF or TRF member to suspend the member's right to a pension benefit and use the member's annuity savings account to purchase service in another governmental retirement plan. Permits PERF and TRF to offer dental, vision, and long term care coverage to retirees. Liberalizes rollover distributions and trustee to trustee transfers for certain public retirement funds as permitted by the federal Economic Growth and Tax Relief Reconciliation Act of 2001. Permits PERF and TRF members to purchase at actuarial cost additional service credit. Allows a state or political subdivision to pay all or a part of a member's contribution to purchase additional service credit. Authorizes school corporations to make payments to PERF and TRF using electronic funds transfer. Authorizes political subdivisions to make payments to PERF using electronic funds transfer. Reduces from 75 to 70 the age at which a PERF or TRF member may elect to begin receiving retirement benefits while continuing to work in a covered position. (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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