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Senate Bill 0499


Senate Bill 0499

ARCHIVE (2013)

Latest Information

 

DIGEST OF SB 499 (Updated March 19, 2013 3:41 pm - DI 84)


PERF and prosecutor pension. Exempts from participation in the public employees' defined contribution plan (annuity savings account only plan) (plan) and the retirement medical benefits account (account) within the public employees' retirement fund (PERF) employees of the state who are employed by: (1) a body corporate and politic of the state created by state statute; or (2) a state educational institution; unless the chief executive officer of the body or institution elects to participate in the plan or the account by submitting a written notice of the election to the director of the Indiana public retirement system (system). Provides that the board of trustees of the system (board) shall grant service credit to a participant who withdrew from the prosecuting attorneys retirement fund (fund) for years of service accrued before the withdrawal if the participant pays into the fund the full amount of the money received when the participant withdrew, plus interest at a rate specified by rule by the board. Establishes the amount of the PERF pension offset for a participant (and the surviving spouse and dependent child of a participant) in the fund who is also a member of the plan.
    Current Status:
     Law Enacted
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