Bill Text: IN SB0172 | 2010 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Return of 1977 fund member contributions.

Spectrum: Bipartisan Bill

Status: (Passed) 2010-03-25 - Section 4 effective retroactive to 07/01/2009 [SB0172 Detail]

Download: Indiana-2010-SB0172-Introduced.html

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Introduced Version

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SENATE BILL No. 172

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 36-8-8-24.

Synopsis: Return of 1977 fund member contributions. Allows a member of the 1977 police officers' and firefighters' pension and disability fund to designate one or more beneficiaries to receive the 1977 fund member's contributions plus interest if the 1977 fund member dies without receiving retirement or disability benefits and without a spouse, child, or parent entitled to receive survivor benefits.

Effective: Upon passage.

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Becker, Young R Michael

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    January 5, 2010, read first time and referred to Committee on Pensions and Labor.

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Introduced

Second Regular Session 116th General Assembly (2010)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2009 Regular and Special Sessions of the General Assembly.

SENATE BILL No. 172

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    A BILL FOR AN ACT to amend the Indiana Code concerning pensions.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 36-8-8-24; (10)IN0172.1.1. -->     SECTION 1. IC 36-8-8-24 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 24. (a) A fund member may designate one (1) or more beneficiaries to receive in a lump sum the fund member's contributions plus interest at a rate determined by the PERF board if the fund member dies:
        (1) without receiving a retirement benefit under sections 10 and 11 of this chapter;
        (2) without receiving a disability benefit under section 13.3 or 13.5 of this chapter;
        (3) without a survivor entitled to receive a benefit under section 13.8, 13.9, or 14.1 of this chapter; and
        (4) without the PERF board returning the fund member's contributions under section 8 of this chapter.
    (b) A fund member who chooses to designate one (1) or more beneficiaries under this section shall file the fund member's designation with the PERF board on a form prescribed by the

PERF board.
    (c) The PERF board shall adopt rules to allow a fund member who designates more than one (1) beneficiary to allocate the contributions and interest paid in percentage increments.

SOURCE: ; (10)IN0172.1.2. -->     SECTION 2. An emergency is declared for this act.