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House Bill 1254

House Bill 1254

ARCHIVE (2007)

Latest Information

DIGEST OF HB 1254 (Updated February 14, 2007 2:21 pm - DI 14)

Excise, gaming, and conservation officers' fund. Allows a participant in the state excise police, gaming agent, and conservation enforcement officers' retirement plan to receive creditable service for the time a participant receives benefits under the state's long term disability plan. Allows a participant to purchase service credit for service earned in the public employees' retirement fund, the Indiana state teachers' retirement fund, the state police pension trust, or the 1977 police officers' and firefighters' pension and disability fund. Increases the participant contribution from 3% of the first $8,500 to 4% of the participant's annual salary. Authorizes an employer to pay all or a part of the participant's contribution. Increases from 1% to 1 2/3% the percentage of average salary used in computing a participant's annual retirement allowance for years of service greater than 25. Allows a participant who is at least 50 years of age and has at least 25 years of creditable service to retire with a normal (unreduced) benefit. Provides that a participant receiving a line of duty disability benefit is entitled: (1) to receive a disability benefit for the remainder of the participant's life; and (2) to have the benefit recomputed as a normal benefit when the participant becomes 60 years of age. (The introduced version of this bill was prepared by the pension management oversight commission.)
Current Status:
In Committee - first House
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