Authors: Representative Woody Burton
Co-authors: Representative Martin Carbaugh, Representative Timothy Harman, Representative Lloyd Arnold
Sponsors: Senator Philip Boots, Senator Karen Tallian
Provides that a political subdivision that participates in the public employees' retirement fund (fund) may participate in the public employees' defined contribution plan (plan), if the governing body adopts an ordinance or resolution that is filed with and approved by the board of trustees of the Indiana public retirement system (board). Provides that an individual who begins employment in a covered position with a political subdivision that participates in the plan may elect to become a member of the plan. Provides that, if an individual does not make an election to become a member of the plan, the individual becomes a member of the fund. Establishes the teacher's defined contribution plan (teachers' plan) and provides that a school corporation may participate in the teachers' plan, if the school corporation adopts a resolution to participate in the teachers' plan that is filed with and approved by the board. Provides that an individual who begins employment with a participating school corporation as a teacher may elect to become a member of the teachers' plan. Provides that, if a teacher hired by a participating school corporation does not make an election to become a member of the teachers' plan, the individual becomes a member of the Indiana state teachers' retirement fund (TRF). Provides that a retired member of the fund or TRF may change the member's beneficiary, if the member and the member's designated beneficiary are no longer in a relationship that caused the member to make the original beneficiary designation. Grants cost of living adjustments in 2015 and 2016 for certain members of the: (1) fund; (2) TRF; (3) state police pre-1987 benefit system; and (4) state police 1987 benefit system.