Bill > HB1221

This bill addresses various pension matters in Indiana, focusing on retirement systems and providing a one-time additional payment (often called a "thirteenth check") to certain retired members in calendar year 2025. The bill modifies surcharge rates for the Indiana public retirement system, extending the timeline for actuarially prefunding annual indexed thirteenth checks and cost of living adjustments from July 1, 2025, to July 1, 2029. It requires the treasurer of state to determine a surcharge amount for the state police retirement systems and establishes specific payment amounts for retired members of several pension systems, including the Indiana state teachers' retirement fund, Indiana public employees' retirement fund, state excise police and gaming agents' retirement plan, and state police pre-1987 and 1987 benefit systems. The payment amounts vary based on a member's years of creditable service, ranging from $143 for those with 5-10 years of service to $428 for those with 30 or more years of service. These payments will be made no later than October 1, 2025, to members who retired or were disabled on or before December 1, 2024, and will not be considered an increase in the pension portion of monthly benefits. The bill also includes provisions that automatically expire on January 1, 2027, ensuring these changes are temporary.