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House Bill 1411


House Bill 1411

ARCHIVE (2011)

Latest Information

 

DIGEST OF INTRODUCED BILL


Early retirement for state employees. Establishes the state employee early retirement program (program). Provides that a state employee in the executive branch of state government who: (1) is at least 55 years of age; and (2) has at least 10 years of service; may elect, before July 1, 2012, to participate in the program. Provides that a state employee who elects to participate in the program must separate from state service within 30 days. Provides that a state employee who elects to participate in the program shall receive a lump sum payment equal to one-half of the state employee's annual salary. Provides that a state employee who elects to participate in the program is entitled to certain benefits from a state employee early retirement medical benefits account (account). Establishes the account. Establishes the state employee early retirement health benefit trust fund to fund the account. Designates the budget agency as the account administrator. Requires a state agency to make annual contributions of $7,000 for a period of five years for an employee who elects to participate in the program. Allows the surviving spouse or dependent of a participant to receive a benefit from the account. Provides that the account may be used by a participant to pay certain medical and dental expenses that are not paid by the retirement medical benefits account. Provides that members of the public employees' retirement fund (PERF) or the Indiana State Teachers' Retirement Fund (TRF) that elect to participate in the program may receive a normal retirement benefit. Provides that a member of the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan (plan) that elects to participate in the program may receive an unreduced
Current Status:
 In Committee - first House
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