Region-News-Team-Black-Logo

Bill to Update IN Pension Funds Goes to Governor's Desk

Share this post

A proposal to give retired state employees a much needed update to their benefits now goes to Governor Mike Pence's desk for approval. The Indiana House today announced they concurred with the State Senate on House Bill 10-74, which contained language by State Representative David Niezgodski, of South Bend, who says this legislation creates a formula for post-retirement benefit adjustments that take into account a person's years of service, date of retirement and current annual benefits, and this benefit adjustment comes in the form of a 13th check.
The average benefit increase in pension benefits for each retired employee totals to about $413 based on the calculated formula. Specifically, the formula is based on several factors namely an increase of $10 for each year of service (up to 30 years of service) plus a percentage increase on current annual benefits, based on the date of retirement.
The percentage increase is 3% for those who retired prior to January 1, 1983, 2% for those who retired between January 1, 1983, and December 31, 1994, and 1% for those who retired after December 31, 1994. The maximum available increase under this formula is $1,200 in the form of a thirteenth check.
Niezgodski also authored a bill this session that would have improved the lives of retired state employees by making cost of living adjustments to their pension funds however that bill was not approved by the Senate.
Niezgodski said he is disappointed that retirees will not be receiving the cost of living adjustment that they deserve but that the passing of House Bill 1074 is a positive step in improving the lives of retired public employees.
“The goal of this bill is to take care of our retired employees after their many years of dedicated service to the state,” said Niezgodski. “It’s been a long period of time since members have seen their benefits given a boost, in relation to the time since their retirement.”


Meet-The-Team

Laura-WZVN Scott-WZVN Brent-WZVN
LAURA WALUSZKO
Region News Team
SCOTT ROSENBERG
Region News Team
BRENT BROWN
Region News Team
Jay-WZVN Karl-WZVN Annie-WZVN
JAY STEVENS
Region News Team
KARL BERNER
Region News Team
ANNIE FOX
Region News Team

Recent-Newscast

Flash is not supported on this device. If you wish to listen to this audio, you must download and play an mp3 using an mp3 player on your device. CLICK HERE