Legislation Tracker

The following bills have been introduced in the 2014 Indiana Legislature that would impact RIPEA members.

S.B. #105

This bill provides a COLA or 13th check. The decision as to a COLA or 13th check will be made by the Legislature.
January 31, 2014 – Status – In Senate Committee

Examples of Amount
Years of service – 10 years; monthly pension - $200.00: Payment - $124.00
Years of service – 20 years; monthly pension - $400.00: Payment - $248.00
Years of service – 30 years; monthly pension - $600.00: Payment - $372.00

February 28, 2014 – Status – Bill Dead

S.B. #252

Same as S.B. #105 with the exception that it must be paid as a 13th check.
January 31, 2014 – Status – In Senate Committee
February 28, 2014 – Status – Bill Dead

H.B. #1231

This bill provides a COLA based on a formula.
January 31, 2014 – Status – Passed the House, sent to the Senate

Examples of Amount
Years of service – 10 years; monthly pension - $200.00: Monthly increase - $9.33
Years of service – 20 years; monthly pension - $400.00: Monthly increase - $19.66
Years of service – 30 years; monthly pension - $600.00: Monthly increase - $30.00

February 28, 2014 – Status – Bill Dead

H.B. #1074

Same as H.B. 252
January 31, 2014 – Status – Passed the House, sent to the Senate
March 3, 2014 – Status – 2nd Reading: Engrossed
March 28, 2014 – Status – Signed into law by Governor Pence on March 26, 2014

H.B. #1074 – 13th Check

The Senate appropriations Committee, in their last committee meeting of this legislative session, unanimously passed an amendment to H.B. #1074 that deleted the formula for calculating the 13th check in the bill and replaced it with the language contained in the 2013 13th check bill. Therefore, if H.B. #1074 becomes law the 13th check in 2014 will be in the same amounts as the previous 3 years.

10-20 years of service - $275.00
20-30 years of service - $375.00
30 + years of service - $450.00

RIPEA testified in support of this amendment as thousands of our members would have received a much smaller 13th check had the bill not been amended.

NOTE: H.B. #1074 was the last billed considered in the last committee meeting of the 2014 Indiana General Assembly.

H.B. #1075

January 31, 2014 – Status – Passed the House, sent to Senate.
February 27, 2014 – Status – Returned to House with Amendments
March 14, 2014 - Update:  Conference Committee Report
March 18, 2014 - Passed Legislature – Not received by Governor as of 3-17-14
March 28, 2014 – Status – Signed into law by Governor Pence on March 26, 2014


Provisions:

  • Interest rate for annuities 7.50% until 10-1-14. Last day at work to qualify must be 8-31-14 or prior.
  • Interest rate from 10-1-14 to September 30, 2015 is 5.75% last day at work to qualify must be 8-31-15.
  • Interest rate from 10-1-15 to December 31, 2016 is greater of "market rate" or 4.5%. Last day at work must be 11-30-16.
  • Interest rate after January 1, 2017 is "market rate".
NOTE: INPRS may privatize as of January 1, 2017.

Annuitization Bill mandating INPRS to do the following: Delay privatizing until October 1, 2019. In the interim and effective October 1, 2014 INPRS must use a formula that considers the previous 10 year investment return of PERF and TRF plus the daily nominal rate of the U.S. Treasury Note for the previous quarter.

NOTE: This Bill does not affect current retirees.

Signing of H.B. #1074 - 13th Check
Attending the ceremonial signing of HB #1074 (13th Check) and HB #1075 (Annuity)
by Governor Mike Pence are RIPEA Board Members Marty Chitwood, Larry Buell and Bruce Kimery.
Also attending Bill Murphy, Executive Director.