Senate Bill (S)

DIGEST

Various pension matters. Establishes a single special death benefit fund to replace the two separate death benefit funds established under current law to pay death benefit claims to the beneficiaries of public safety officers or other state public employees who die in the line of duty. Provides that death benefits paid to beneficiaries of members of the following funds who die in the line of duty are to be paid from the special death benefit fund instead of the pension relief fund: (1) The 1925 police pension fund. (2) The 1937 firefighters' fund. (3) The 1953 police pension fund (Indianapolis). Various pension matters. Establishes a single special death benefit fund to replace the two separate death benefit funds established under current law to pay death benefit claims to the beneficiaries of public safety officers or other state public employees who die in the line of duty. Provides that death benefits paid to beneficiaries of members of the following funds who die in the line of duty are to be paid from the special death benefit fund instead of the pension relief fund: (1) The 1925 police pension fund. (2) The 1937 firefighters' fund. (3) The 1953 police pension fund (Indianapolis). (4) The 1977 police officers' and firefighters' pension and disability fund. Allows an individual who is a member of both the public employees' retirement fund (PERF) and the Indiana state teachers' retirement fund (TRF) to make independent elections concerning the amounts credited to the member in the annuity savings account of each fund. Allows a member of PERF or TRF, or both, to do the following with the money credited to the member in a PERF or TRF annuity savings account, in any combination: (1) Retain and continue to invest all or part of the money in the annuity savings account. (2) Receive one or more distributions of all or part of the money in the annuity savings account. (3) Obtain an annuity with all or part of the money in the annuity savings account. Provides that if survivor benefits under PERF or TRF are forfeited for the failure of a survivor to claim the benefits within three years of the death of a member, the money to pay the benefits must be credited in the manner provided by the board of trustees of the Indiana public retirement system, rather than to PERF or TRF specifically. Provides that the minimum pension benefit for a regularly retired member of TRF who receives an unreduced pension benefit is $185 per month. Makes an appropriation. (The introduced verison of this bill was prepared by the interim study committee on pension management oversight.) ... View more