SB0078: 1977 pension and disability fund.

Legislative Summary

1977 pension and disability fund. Provides that after July 1, 2022, if the board of trustees of the Indiana public retirement system (system board) determines that a new police officer or firefighter in the public employees' retirement fund (PERF) should be a member of the 1977 fund, the system board shall require the employer to transfer the member into the 1977 fund and contribute the amount that the system board determines is necessary to fund fully the member's service credit in the 1977 fund for all service earned as a police officer or firefighter in PERF. Provides that a police officer or firefighter who is an active member of the 1977 fund with an employer that participates in the 1977 fund, separates from that employer, and more than 180 days after the date of the separation becomes employed as a full-time police officer or firefighter with the same or a second employer that participates in the 1977 fund, is a member of the 1977 fund without meeting the age limitations under certain circumstances. (The introduced version of this bill was prepared by the interim study committee on pension management oversight.)