Bill > HB1020

This bill modifies two key provisions of the 1977 police officers' and firefighters' pension and disability fund. First, it increases the maximum annual cost of living adjustment (COLA) from 3% to 5%, which means that when the Consumer Price Index (CPI) shows an increase, fund members or survivors can receive a benefit increase up to 5% instead of the previous 3% limit. The COLA is calculated by comparing the arithmetic mean of the CPI for January, February, and March of the current year with the same period in the previous year. Second, the bill raises the death benefit payable to the heirs or estate of a fund member from $12,000 to $15,000. These changes will apply to benefits for members who die after June 30, 2025, and the system board of the Indiana Public Retirement System will use the new provisions when calculating the cost of living increase for the July 2025 payment. The bill includes an emergency declaration, indicating its immediate importance, and sets an expiration date of July 1, 2026, for the sections related to these changes.

Labor and Employment

https://iga.in.gov/legislative/2025/bills/house/1020/details