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Legislature considers changes to prosecutors’ and judges’ retirement funds

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In the House of Representatives, a bill that would change features of the Prosecuting Attorneys Retirement Fund is eligible for a third reading vote. In the Senate, a bill calling for a study of judges’ pensions is ready for second reading Monday as well.

House Bill 1057, authored by Rep. Jud McMillin, R-Brookville, changes the PARF to incorporate features in the 1985 Judges’ Retirement System. Specifically it would limit the contribution period to 22 years and allows the participant to designate his or her children as beneficiaries.

Also, the bill would require that a disability be proved to the satisfaction of the Indiana Public Retirement System. Currently, a participant will qualify for disability benefits if he or she qualifies for Social Security Disability.

A fiscal analysis of the HB 1057 notes that expenditures will increase an estimated $2.2 million with the additional retirement, death and disability benefits.

Senate Bill 527 would urge the legislative council to assign the Pension Management Oversight Commission the task of studying the retirement, disability and death benefits currently provided to judges and full-time magistrates. The study would include the cost of the benefits as well as whether the current method of funding is adequate.

If the PMOC is assigned the topic of review, the commission shall issue to the legislative council a report of its findings and recommendations and include any recommended legislation.
 
The bill was authored by Sen. Phil Boots, R-Crawfordsville, and passed the Senate Pensions and Labor Committee with unanimous support.
 

 

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