IN SB0551 | 2011 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 20 2011 - 25% progression, died in committee
Action: 2011-01-27 - Senator Kenley added as coauthor
Pending: Senate Pensions and Labor Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 20 2011 - 25% progression, died in committee
Action: 2011-01-27 - Senator Kenley added as coauthor
Pending: Senate Pensions and Labor Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Requires the board of trustees (board) of the public employees' retirement fund (PERF) and the Indiana state teachers' retirement fund (TRF) to establish, for individuals who, after June 30, 2011, become full-time employees of the state, a participating political subdivision, or a school corporation, a defined contribution plan (plan) using the PERF and TRF annuity savings accounts, or as a separate fund. Requires the board to establish the alternative investment programs within the PERF and TRF annuity savings accounts as the initial alternative investment programs for the plan. Requires the board to include a stable value fund as an investment option. Requires that each plan member, as a condition of employment, make an annual contribution equal to 3% of the member's compensation. Requires a plan member's employer to make an annual contribution in an amount determined by the rules of the board, with a minimum contribution of 3% of the member's compensation. Allows withdrawals at the earliest date, and requires withdrawals at the latest date, permitted by the Internal Revenue Service. Requires that a withdrawal amount be paid as a lump sum, a direct rollover to another eligible retirement plan, or a monthly annuity purchased by the board. Requires the general assembly to appropriate an amount sufficient to fund the required contributions.
Title
Public employees' defined contribution plan.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2011-01-27 | Senator Kenley added as coauthor | |
| 2011-01-20 | First reading: referred to Committee on Pensions and Labor | |
| 2011-01-20 | Authored by Senator Waltz |
Indiana State Sources
| Type | Source |
|---|---|
| Summary | http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=SB&docno=0551 |
| Text | http://www.in.gov/legislative/bills/2011/IN/IN0551.1.html |
