SB 275 IN

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Passed One Chamber

Provides that a state employee may affirmatively elect to enroll in the deferred compensation plan prior to the auto enroll date on day 31 of the state employee's employment. Removes a provision that sets a maximum employer surcharge for the legislators' defined benefit plan, state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan, public employees' retirement fund, and Indiana state teachers' retirement fund (fund). Requires the board of trustees of the Indiana public retirement system (board) to develop the technological and administrative capabilities sufficient to categorize fund members into separate groups in which: (1) certain members receive a service based thirteenth check; and (2) certain members receive a cost of living adjustment. Requires the board to set the surcharge rates at a level to actuarially prefund: (1) annual indexed thirteenth checks for all current retired members and beneficiaries retired before July 1, 2025; and (2) 1% annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2025. Provides that the board shall not reduce the surcharge rates from the prior year. Allows the board to increase the surcharge rates by not more than 0.1% of payroll from the prior year. Requires certain political subdivisions to present to the interim study committee on pension management oversight regarding a delinquent employee retirement plan offered by the political subdivision. Requires, effective July 1, 2025, the trustee of the state police pension trust to maintain a supplemental allowance reserve account for the purpose of paying postretirement benefit adjustments. Increases the maximum date that a member or participant of certain retirement funds can participate in the deferred retirement option plan from 36 to 60 months. Requires the member or participant to notify their employer if the member or participant elects to enter or extend the deferred retirement option plan.

• Brian Buchanan Republican · author
• Linda Rogers Republican · author
• Jeffrey Thompson Republican · sponsor

1. Jan 11, 2024 First reading: referred to Committee on Pensions and Labor · upper
2. Jan 11, 2024 Authored by Senators Buchanan and Rogers · upper
3. Jan 25, 2024 Committee report: do pass adopted; reassigned to Committee on Appropriations · upper
4. Jan 25, 2024 Senator Niezgodski added as coauthor · upper
5. Jan 25, 2024 Senator Walker G added as coauthor · upper
6. Jan 29, 2024 Senator Charbonneau added as coauthor · upper
7. Feb 1, 2024 Committee report: amend do pass, adopted · upper
8. Feb 1, 2024 Senator Randolph added as coauthor · upper
9. Feb 5, 2024 Second reading: amended, ordered engrossed · upper
10. Feb 5, 2024 Amendment #1 (Buchanan) prevailed; voice vote · upper
11. Feb 6, 2024 Senator Pol added as coauthor · upper
12. Feb 6, 2024 Third reading: passed; Roll Call 143: yeas 46, nays 2 · upper
13. Feb 6, 2024 House sponsor: Representative Thompson · upper
14. Feb 6, 2024 Cosponsor: Representative Cherry · upper
15. Feb 7, 2024 Referred to the House · upper
16. Feb 12, 2024 First reading: referred to Committee on Employment, Labor and Pensions · lower
17. Feb 15, 2024 Representative Moseley added as cosponsor · lower
18. Feb 15, 2024 Referred to the Committee on Ways and Means pursuant to House Rule 127 · lower
19. Feb 15, 2024 Committee report: do pass, adopted · lower
20. Feb 19, 2024 Representative Cash added as cosponsor · lower