A Senate bill asking the Legislative Council to have the Pension Management Oversight Commission look at the retirement, disability and death benefits provided to judges and full-time magistrates passed out of the Senate Tuesday by a vote of 50-0.
If enacted by the General Assembly, Senate Bill 527 will take effect July 1.
The commission will be asked to look at the cost of benefits, whether the current funding method for the benefits is adequate, if there are possible additional methods of funding the benefits, and whether changes in the benefits are advisable. The commission’s final report, including any recommended legislation, will be due to the Legislative Council by Nov. 1.
The introduced version of the bill, authored by Sen. Phil Boots, R-Crawfordsville, made various changes to provisions of the Judges 1985 Retirement System to incorporate features that are similar to those found in the Prosecuting Attorneys’ Retirement Fund law.