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Indiana Public Retirement System

Indiana Public Retirement System

Indiana Public Retirement System (INPRS) > Publications > Newsletters > 2016 Legislative Summary 2016 Legislative Summary

A number of INPRS-related legislative changes were approved by the 2016 Indiana General Assembly. Below is a brief summary of the legislation. You may e-mail inquiries to questions@inprs.in.gov or call (888) 286-3544 for more information.

HB 1032

  • The Guaranteed Fund investment option for PERF and TRF members is being replaced by the Stable Value Fund. Members will have until Dec. 31, 2016 to make changes to their investment options. Existing assets in the Guaranteed Fund after Dec. 31, 2016 will default to the Stable Value Fund.
     
  • PERF and TRF members who have been separated from covered employment for five years will have their inactive accounts suspended. If a members’ account is less than $1000, they will receive a payout. If a members’ account is greater than $1000, it will remain invested as the member chose and will continue earning interest. An administrative fee may be charged to a members’ suspended account.
     
  • Employers who purchase special death benefit coverage for their emergency medical service providers will be required to pay the $100 fee annually instead of quarterly.
     
  • Retired or disabled members of PERF and TRF may change their beneficiary or form of benefit as they see fit. This eliminates the former life-event requirement to make these changes.
     
  • The assets of the State Excise Police, Gaming Agent, Gaming Control Officer and Conservation Enforcement Officers’ retirement plan may be commingled with other INPRS funds for investment purposes.
     
  • PERF employers who stop enrolling new positions in the fund must pay their share of unfunded liabilities no later than July 1, 2016 or a date determined by the INPRS board. Interest may be charged on any amount that remains unpaid after the payment date.
     
  • First-time PERF members employed by the state of Indiana after Jan. 1, 2013 but no later than July 1, 2016, who were unable to choose the ASA Only plan may elect to switch from the PERF Hybrid plan to the ASA Only plan. Members may elect to switch their plan between July 1 -30, 2016.

Effective July 1, 2016

HB 1161

  • Members of the Public Employees’ Retirement Fund (PERF) and the Teachers’ Retirement Fund (TRF) will receive a 13th check by Oct. 1, 2016. Members must be retired or disabled on or before Dec. 1, 2015 and must be eligible for a monthly benefit on July 1, 2016. The amount of the check will be based on the members’ years of creditable service at retirement.
    • 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

A survivor or beneficiary of the member may be eligible for the check. The amount of the check will be distributed in equal shares if the member has two or more survivors or beneficiaries.

  • Members of the Excise, Gaming and Conservation Plan will receive a 13th check by Oct. 1, 2016. Members must be retired or disabled on or before Dec. 1, 2015 and must be eligible for a monthly benefit on July 1, 2016. The amount of the check will be based on the members’ years of creditable service at retirement.
    • 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

A survivor or beneficiary of the member may be eligible for the check.

Effective July 1, 2016

HB 1359

The hiring age for 20-year veterans of the armed forces as public safety officers in the 1977 Fund has been waived. The maximum age is 40 and 6 months as a police officer or firefighter. After June 30, 2018, age 70 will become the mandatory retirement age.

Effective July 1, 2016

HB 1378

Requires INPRS to divest from businesses that engage in action or operate against Israel.

Effective July 1, 2016

SB 148

  • PERF members with prior service who rehire with a new employer will have the option of choosing between the PERF Hybrid and ASA Only plan, if the employer offers both.
     
  • Retired members of the PERF Hybrid plan may re-employ in the PERF ASA Only plan after 30 days of retirement and may continue to receive contributions to their ASA at the discretion of the employer.
     
  • Members who have at least one year in the PERF Hybrid may use their vested contributions in their ASA Only to purchase service credit in the PERF Hybrid plan. The service credit may not be used for vesting, but can be used for retirement eligibility if the member has 10 years of service.

Effective July 1, 2016