2018 Legislative Update
SB 229- Cost of Living Adjustment- Senator David Niezgodski
Provides for a Cost of Living Adjustment – COLA- for PERF retirees as well as retirees of 3 other funds. The increase would be based on the number of years of service a retirees worked in a PERF covered position and the date retired.
SB 373 – Senator Greg Walker
Establishes supplemental allowance reserve accounts for PERF and 2 other funds for the purpose of paying for a COLA, 13th check or other adjustments granted by the Indiana General Assembly. Sets up several sources of income to fund these supplemental allowance reserve accounts.
Others Proposed but Not in Bill Form
- RIPEA member appointed to the INPRS board and/or a member of the Pension Management Oversight Committee – PMOC.
- Exempt part of the PERF benefit from state income tax.
- Increase the 2018 13th check by $50.00.
Note: a 13th check was approved by the Indiana General Assembly in 2017 for 2017 and 2018. The proposal, if passed, would increase the already approved 13th Check by $50.00. If this does not pass the 13th Check paid on September 15, 2018 will be in the same amounts as 2017.
Results of the 2017 Legislative SessionHB 1537 (13th check) was signed into law by Governor Holcomb on April 20. HB 1537 contained provisions for a 13th check for 2 years – 2017 and 2018. This is the 1st time a 13th check was passed for more than 1 year. To be eligible for the 13th check in 2017 you must be a PERF retiree with an effective date of retirement of December 1, 2016 and entitled to receive a monthly benefit on July 1, 2017. To be eligible for a 13th check in 2018 you must be a PERF retiree with an effective date of retirement of December 1, 2017 and be eligible to receive a monthly benefit on July 1, 2018. PERF normally adds the amount of the 13th check on the regular retirement benefit of September 15th. The amount of the 13th check for 2017 and 2018 is as follows:
|Years of Service||Amount|
|5-10 years (disability)||$150.00|
RIPEA is grateful to our Indiana Legislators and Governor Holcomb for this additional retirement income that our members need to help maintain a reasonable standard of living.