2012 Legislative Update as of February 20, 2012

HB 1123 passed the House 82-2 on January 23rd and passed the Senate 50-0 on February 20th.  HB 1123, as passed, contained a 13th check only and not a Cost of Living Adjustment - COLA.  The 13th check is in the same amounts as 2011.  See 2011 Legislation below.  The bill will be sent to the Governor and, if signed, the 13th check will be paid with the regular monthly check on September 15, 2012.  We encourage all RIPEA members to contact your State Representative and State Senator and express your appreciation.

2011 Legislation

RIPEA's original legislative proposal included a cost of living adjustment - COLA- and a 13th check.   The COLA was deleted in Committee and the 13th check ultimately become a part of the Budget Bill - HB 1001.  The Budget Bill was passed on the final day of the session and signed into law by Governor Daniels.  The 13th check must be issued by October 1, 2011 and in recent years has been included on the PERF retirement checks dated September 15th.  The amount of the 13th check passed in 2011 equals the amount in 2009 which was the highest ever received.  These amounts are:

• 5 to 10 years of service - disabled                      $150.00
• 10 to 20 years of service                                     $275.00
• 20 to 30 years of service                                     $375.00
• 30 or more years of service                                 $450.00

If you are having federal income tax deducted from your PERF check PERF will apply the same rate to your 13th check and deduct federal income tax from your 13th check.

OTHER

Direct Deposit to be Preferred Method for PERF Benefit Payments

Direct deposit is hassle-free and convenient.  And soon it will be the preferred PERF method to provide monthly benefit payments.

Legislation passed by the Indiana General Assembly allows PERF to select direct deposit as the preferred method of making monthly benefit payments to members.

Direct deposit eliminates waiting for the mail, standing in lines at the bank and the risk of a lost or stolen check.  You will receive an annual statement showing all PERF direct deposits to your bank account.

Need more information regarding direct deposit?

Check with your bank, savings and loan or credit union for questions about direct deposit.  If you don't have an account, consider opening one for your benefit check.  Your banker may be able to help you open an account, possibly with little or no fees.

Contact PERF with your questions, toll-free, at (888) 526-1687 or via e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

NOTE:  RIPEA strongly endorses direct deposit as the preferred method of payment for monthly benefits.