2012 Legislative Summary
A number of INPRS-related legislative changes were approved by the 2012 Indiana General Assembly. Below is a brief summary of the legislation by plan. You may e-mail inquiries to questions@inprs.in.gov or call PERF at (888) 526-1687 or TRF at (888) 286-3544 for more information.
SEA 127
PERF and TRF boards combined in July 2011 and formed the nine-member Indiana Public Retirement System (INPRS) board. This bill makes name changes to existing law in order to accommodate the PERF and TRF board merger.
Effective July 1, 2012
SEA 128
Requires PERF to pay the annual fees of the State Board of Accounts' examination of the funds administered by INPRS. (Currently, only TRF is required to pay these costs.)
Appoints the Pension Management Oversight Commission (PMOC) to study a reporting system for retirement plans of the state or a political subdivision not administered by INPRS. (Currently, these plans must report to PERF information necessary for the actuary to perform an actuarial valuation of the plan.)
Effective July 1, 2012
HEA 1003
If adopted by the board, an electronic communication policy must be posted to the INPRS Web site. This would allow INPRS board members to participate in meetings through electronic communication under certain conditions.
INPRS board members must attend at least one face-to-face board meeting annually.
INPRS board members who participate in meetings via electronic communication are considered in attendance as part of the group with voting rights.
Effective Jan. 1, 2013
HEA 1123
PERF 13th check: Provides that not later than Oct. 1, 2012, the Board shall pay a 13th check to a member (or survivor or beneficiary of the member) who retired or was disabled on or before Dec. 1, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. The amount of the 13th check is as follows:
- At least five years, but less than 10 years (disability) $150
- At least 10 years, but less than 20 years $275
- At least 20 years, but less than 30 years $375
- At least 30 years $450
Effective June 20, 2012
TRF 13th check: Provides that not later than Oct. 1, 2012, the Board shall pay a 13th check to a member (or survivor or beneficiary of the member) who retired or was disabled on or before Dec. 1, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. The amount of the 13th check is as follows:
- At least five years, but less than 10 years (disability) $150
- At least 10 years, but less than 20 years $275
- At least 20 years, but less than 30 years $375
- At least 30 years $450
Effective June 20, 2012
Excise, Gaming and Conservation Plan 13th check: Provides that not later than Oct. 1, 2012, the Board shall pay a 13th check to a member (or survivor or beneficiary of the member) who retired or was disabled on or before Dec. 1, 2011, and who is entitled to receive a monthly benefit on July 1, 2012. The amount of the 13th check is as follows:
- At least five years, but less than 10 years (disability) $125
- At least 10 years, but less than 20 years $235
- At least 20 years, but less than 30 years $325
- At least 30 years $400
Effective June 20, 2012
HEA 1376
The excess revenue in the state general fund will help to increase the funding status to 80 percent for funds of the Indiana Public Retirement System (INPRS). Those funds include the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ Retirement Plan, the Judges’ Retirement System and the Prosecuting Attorneys’ Retirement Fund. The State Police Fund, which INPRS does not administer, will also benefit from this funding. Any excess money that remains after funding the INPRS-administered plans and the State Police Fund will go to fund the pre-1996 Teachers’ Retirement Fund (TRF). If there is an excess in or after 2013, then 50 percent of the excess will go to fund the pre-1996 TRF.
Effective upon passage
The Department of Education may assign licensed or unlicensed teachers to work at failing schools. Licensed teachers are eligible for TRF membership while non-licensed teachers are eligible for PERF membership.
Effective upon passage
